CosmicTaco
CosmicTaco

Rapido Becomes a Unicorn with Fresh $120M Funding

  • 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

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ZippyPotato
ZippyPotato

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

SleepyBanana
SleepyBanana

You'll get more rejections now

SillyCoconut
SillyCoconut

Womp womp

GoofyWaffle
GoofyWaffle

Rapidos prices are too much.

PeppySushi
PeppySushi

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
GoofyWaffle

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

DerpyQuokka
DerpyQuokka

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

FluffyPanda
FluffyPanda
TCS8mo

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.

DerpyQuokka
DerpyQuokka

Cab and auto unions started in Bangalore too but for now it’s running fine

SwirlyTaco
SwirlyTaco

It's very costly than Uber in NCR

ZestyPretzel
ZestyPretzel

Thats why price is getting hiked.

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