Rapido raises $200 mn, looks to enter 4-wheeler market: report

Rapido has raised $200 million in a recent funding round led by existing investor WestBridge Capital, taking the ride-hailing app’s valuation to $1.1 billion, The Economic Times reported.

According to Aravind Sanka, chief executive officer at Rapido, the funds will be used to expand its four-wheeler taxi service as the mobility firm looks to compete with Ola and Uber, the report said.

Other venture funds that participated in this funding round were Nexus Venture Partners, Think Investments, and US-based Invus Opportunities.

A Moneycontrol report in July said Rapido entered the unicorn club two months ago after raising $120 million (about ₹1,000 crore) in a series E funding round from WestBridge Capital.

A unicorn is a privately owned business with a $1 billion or more valuation.

Rapido, based in Hyderabad, was founded by Sanka, Pavan Guntupalli, and Rishikesh SR.

After starting as an auto and bike taxi aggregator, the startup also entered the cab market and is now competing with ride-hailing players like Ola and Uber.

The firm claims to have generated 7 million jobs since its inception in 2015.