Rapido, the fast-growing mobility startup, has successfully raised $200 million in a funding round led by its existing investor, WestBridge Capital. This latest investment has propelled Rapido into the unicorn club with a valuation of $1.1 billion.
The new funds will be directed towards expanding Rapido’s recently introduced four-wheeler transportation service, which competes directly with industry giants like Uber and Ola. The round also saw participation from Nexus Venture Partners, another existing investor, along with new backing from Think Investments and Invus Opportunities, a New York-based firm.
In addition to its four-wheeler expansion, Rapido continues to leverage its two-wheeler fleet for hyperlocal deliveries, a growing trend in fast commerce. On July 29, it was first revealed that Rapido had secured $120 million from WestBridge as part of this larger funding initiative.
Rapido processes between 2.3 and 2.5 million orders daily across its various services, with 7% of these orders coming from B2B clients. The company also partners with Swiggy for food delivery during off-peak hours and has embraced the Open Network for Digital Commerce (ONDC) for its logistics needs.
Aravind Sanka, Founder of Rapido, commented: “Our goal is to deepen our presence in cities while expanding into new categories. The four-wheeler segment is a new venture for us, and we plan to approach it with a strong, aggressive strategy.”