Swiggy-backed mobility Bike-taxi startup Rapido has turned unicorn with a $120 million Series E funding round led by its largest backer WestBridge Capital.

The board at Rapido has passed a special resolution to allot 10 equity shares, 95,479 Series E, and 95,489 Series E1 compulsory convertible preferred shares (CCPS) at an issue price of Rs 52,467 per share for a consideration of Rs 1,002 crore or $120 million, the company’s regulatory filings with the Registrar of Companies show.

The firm had raised $180 million in Series D funding round in April 2022. According to startup data intelligence platform TheKredible, the company was last valued at around $850 million. As of now, it has raised a total of more than $300 million across several funding rounds.

Westbridge is the largest stakeholder in Rapido with 26% stake. It’s worth noting that Swiggy which owns over 15% of the company didn’t invest in the new round as it already filed DRHP for a potential IPO.

Company also claims  that they have left Ola behind and became the number two player after Uber in the overall ride hailing space (bike, auto and cabs).

The SaaS play (zero commission model) by Rapido along with cash backs and IPL spending appears to have been paying off well for the company. As per its documents, Rapido has emerged as a leader in the bike taxi space in the country while it dominates the southern part of the country in the auto-hailing segment.

 

visit; gamicaltech.com