CosmicTaco

Rapido Becomes a Unicorn with Fresh $120M Funding

CosmicTaco · 2024-07-29T22:54:48.882061+05:30

- Rapido, the bike-taxi startup, has reached a $1 billion valuation, becoming the latest Indian unicorn after securing $120 million in a Series E funding round led by WestBridge Capital. - The new funding highlights Rapido's growing influence in India's mobility sector, challenging the dominance of Uber and Ola, and aiding Swiggy in its competition against Zomato in the food delivery market. - Rapido's focus on two-wheeler transportation has allowed it to overcome challenges faced by traditional cab services, leveraging the widespread use of motorcycles and scooters in India's congested cities. - Swiggy, which led Rapido's previous funding round, has found a valuable delivery partner in Rapido, enhancing work opportunities for Rapido's drivers and planning to increase its stake post-IPO. - Rapido's latest funding round also saw participation from Khazanah, Malaysia’s sovereign wealth fund, marking it as the third Indian startup to achieve unicorn status this year, following Perfios and Krutrim. Source: Techcrunch

Rapido, the bike-taxi startup, has reached a $1 billion valuation, becoming the latest Indian unicorn after securing $120 million in a Series E funding round led by WestBridge Capital.
The new funding highlights Rapido's growing influence in India's mobility sector, challenging the dominance of Uber and Ola, and aiding Swiggy in its competition against Zomato in the food delivery market.
Rapido's focus on two-wheeler transportation has allowed it to overcome challenges faced by traditional cab services, leveraging the widespread use of motorcycles and scooters in India's congested cities.
Swiggy, which led Rapido's previous funding round, has found a valuable delivery partner in Rapido, enhancing work opportunities for Rapido's drivers and planning to increase its stake post-IPO.
Rapido's latest funding round also saw participation from Khazanah, Malaysia’s sovereign wealth fund, marking it as the third Indian startup to achieve unicorn status this year, following Perfios and Krutrim.

Source: Techcrunch

5mo ago

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ZippyPotato

Accenture5mo

What’s the point of all this Rapido investment as I still won’t get any auto on that app?

SleepyBanana

PhonePe5mo

You'll get more rejections now

SillyCoconut

Stealth5mo

Womp womp

GoofyWaffle

Stealth5mo

Rapidos prices are too much.

PeppySushi

Genpact5mo

Are you talking about the autos? Because In my case, the cabs are always the cheapest.

Rapido cabs cheaper than uber cabs cheaper than ola cabs majority of the times

GoofyWaffle

Stealth5mo

Both autos and two-wheelers. Rapido prices are highest if we compare it to uber.

DerpyQuokka

Infosys5mo

What about that news where bike taxis were planning to be banned?

FluffyPanda

TCS5mo

They are already banned in Maharashtra. It depends on how tolerant the rickshaw and drivers are in your locality. Rapido's fate lies in the hands of the Rickshaw/Cab drivers union.