● Latest funding round propels Rapido’s valuation to over $1.1 billion
● Investment to accelerate expansion and strengthen Rapido’s leadership in urban mobility
● Investment follows strong user growth, with GMV soaring 2.5 times over the past year, now reaching 2.5 million daily rides.
5th September 2024: Rapido, India’s largest ride-sharing platform, has received commitments to the tune of ~$200 million in its Series E funding, marking a significant milestone in its mission to transform shared mobility across the country.
The Series E funding round was led by WestBridge Capital, a prominent investment firm focused on investments in India. The round also saw participation from existing investor Nexus, along with new investors Think Investments and Invus Opportunities. This latest investment elevates Rapido’s post-money valuation to $1.1 billion, reinforcing its strong position in the urban mobility sector.
Speaking on the funding Aravind Sanka, Co-founder of Rapido said, “With this new infusion of capital, we are eager to explore and expand our offerings, ensuring we meet the evolving needs of our customers. Over the past year, we've experienced significant growth, with our daily rides surging to 2.5 million. This investment will empower us to continue innovating and improving our services, allowing us to better serve our customers and make significant strides in enhancing urban mobility for everyone.”
Sumir Chadha, co-founder and Managing Partner at WestBridge Capital, said "In the five years since the initial investment made in Rapido, we've seen Aravind, Pavan, Rishikesh and the team transform it into India's leading low-cost mobility platform. From dominating bike taxis to making significant strides into 3W autos and cabs, their growth is a testament to their operational rigor and relentless focus on customer and captain satisfaction. We congratulate the team on their capital efficient scaleup, which now positions Rapido amongst India's most used consumer internet apps. This latest funding round underscores our ongoing commitment to their journey"
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