From Startup to Unicorn: Rapido Secures $120M Funding Round

Hyderabad-based ride-hailing startup Rapido has raised $120 million in its Series E funding round, hitting a $1 billion valuation and securing its spot as India's latest unicorn.

• Funding Achievement: Rapido secured $120 million (around Rs 1,000 crore) from WestBridge Capital, pushing its valuation to $1 billion. This places Rapido as the third unicorn startup in India this year, following fintech Perfios and Krutrim.

• Previous Funding: The company raised $180 million in 2022, with investments from Swiggy, WestBridge Capital, and Nexus Venture Partners.

• Equity Issuance: Rapido’s board approved the issuance of shares worth around Rs 1,002 crore, including 95,479 Series E and 95,489 Series E1 shares.

• Market Position: Rapido now leads the ride-hailing market in India, surpassing competitors like Ola with 16.5 lakh daily rides.

Rapido’s latest funding success and growing market presence solidify its position in the ride-hailing industry.