Rapido, the bike and auto taxi aggregator, has achieved unicorn status after raising $120 million (over Rs 1,000 crore) from existing investor WestBridge Capital. This new funding round values the startup at $1 billion, marking a significant milestone in its growth journey.
The Funding Journey
The latest funding brings Rapido’s total raised capital to over $430 million. Alongside WestBridge Capital, notable investors include TVS Motor Company, Nexus Ventures, Shell Ventures, Kunal Shah of CRED, Yamaha, Pawan Munjal Family Trust, Nexus Venture Partners, and Positive Moves. According to an ET report, Rapido is also likely to secure an additional $20 million from global investors in the near future.
Strategic Acquisitions and Expansion
Rapido, founded in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR, initially focused on bike and auto taxi services. Over the years, it has diversified its offerings, venturing into the cab sector to compete with established players like Ola and Uber. The startup has also made strategic acquisitions to bolster its capabilities, including Getbike in 2018 and Vahananlytics in 2019 .
Previous Funding Rounds
Prior to the recent funding, Rapido raised $180 million in a Series D round in April 2022. This round was led by Swiggy, with participation from TVS Motor Company and existing investors WestBridge Capital, Shell Ventures, and Nexus Ventures. This investment was pivotal in expanding Rapido’s market presence and enhancing its service offerings .
A Growing Unicorn Ecosystem
Rapido’s entry into the unicorn club comes on the heels of Perfios and Bhavish Aggarwal’s AI startup Krutrim AI achieving unicorn status. Notably, Krutrim AI is recognized as India’s first AI unicorn, highlighting the rapid growth and diversification of India’s startup ecosystem .
Rapido’s Vision and Future Plans
Rapido’s rapid ascent to unicorn status underscores its ambitious vision and robust growth strategy. With significant capital infusion, the company is poised to expand its services, enhance technology infrastructure, and strengthen its market position against competitors like Ola and Uber. The new funds will likely be deployed to scale operations, enter new markets, and drive innovation in mobility solutions.
Aravind Sanka, co-founder of Rapido, stated, “This funding round is a testament to our relentless focus on providing convenient, affordable, and efficient transportation solutions. We are committed to leveraging this investment to further our mission of transforming urban mobility in India.”
Rapido’s journey from a startup to a unicorn is a testament to its innovative approach and resilience in a competitive market. As it continues to grow and evolve, Rapido is set to play a crucial role in shaping the future of transportation in India.
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Ankur Srivastava 
The Entrepreneur Today Desk