Rapido Turns Unicorn with $120 Million Funding from WestBridge Capital

In a significant milestone for India’s mobility startup ecosystem, Rapido has attained unicorn status after raising $120 million in a Series E funding round. The funding was led by WestBridge Capital, with various investment vehicles participating in the deal.

Key Highlights

• Rapido raised $120 million from WestBridge Capital, with the investment vehicles SETU AIF, Konark, and MMPL Trust participating.
• The board at Rapido issued 10 equity, 95,479 Series E, and 95,489 Series E1 compulsory convertible preferred shares at Rs 52,467 each.
• The startup will use the proceeds for expansion and growth, according to regulatory filings.
• Rapido’s valuation stands at around Rs 8,517 crore (approximately $1.02 billion) in the series E round.
• WestBridge Capital became the largest external stakeholder with 32.88% of the company’s stake, followed by Swiggy and Nexus Ventures with 12.32% and 8.19% respectively.
• Rapido has claimed to have overtaken Ola and become the second-largest player in the ride-hailing space, behind only Uber.
• As of March 2024, Uber processed 19.3 lakh rides per day, while Rapido processed 16.5 lakh rides per day, and Ola processed 13 lakh rides per day.

Growth and Financials

• Rapido’s operating revenue surged 3X to Rs 443 crore during FY23.
• The steep growth in scale caused a 54% spike in losses, which stood at Rs 675 crore in FY23.