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