Rapido, India’s driving ride-sharing stage, has effectively raised $200 million in its Arrangement E financing circular. The investment was spearheaded by WestBridge Capital, with participation from existing investor Nexus Venture Partners and new backers, including Think Investments and Invus Opportunities. This latest infusion of capital has elevated Rapido’s post-money valuation to an impressive $1.1 billion.
Significant Growth and Future Expansion Plans
Aravind Sanka, Co-founder of Rapido, communicated excitement almost the company’s direction taking after this budgetary boost. "With this new infusion of capital, we are eager to explore and expand our offerings, ensuring we meet the evolving needs of our customers. Over the past year, we've experienced significant growth, with our daily rides surging to 2.5 million," Sanka shared. He emphasized that the funding will enable Rapido to continue innovating and enhancing its services, ultimately improving urban mobility for a broader audience.
Endorsement from WestBridge Capital
Sumir Chadha, Co-founder and Overseeing Accomplice at WestBridge Capital, lauded Rapido's travel since their beginning speculation five a long time prior. “Aravind, Pavan, Rishikesh, and the team have transformed Rapido into India’s leading low-cost mobility platform. Their dominance in the bike taxi segment and expansion into auto-rickshaws and cabs showcase their operational excellence and dedication to customer satisfaction,” Chadha noted. He also highlighted Rapido’s capital-efficient growth and its positioning as one of India’s most widely used consumer internet apps, reaffirming WestBridge Capital’s commitment to supporting the company’s future endeavors.
The recently secured reserves will be deliberately coordinated towards extending Rapido’s operations over India and scaling its innovation stage. The company aims to enhance service delivery across all its categories, including bike-taxis, three-wheelers, and taxi-cabs.
Since its inception nine years ago, Rapido has achieved remarkable growth, boasting over 150% year-on-year increases. Initially focused on bike-taxis, Rapido has diversified into auto and cab services, broadening its offerings and solidifying its position in the shared mobility sector. The company has expanded beyond metro cities, now operating in over 100 cities, including tier 2 and tier 3 locations, further establishing its dominance in the Indian market.
With inputs from agencies
Image Source: Multiple agencies
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