Rapido, a mobility startup that is funded by Swiggy, has achieved unicorn status through a $120 million Series E funding round. WestBridge Capital, the startup’s largest investor, has contributed funds through three distinct investment vehicles.
A special resolution has been passed by the board of Rapido 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.
According to the filings, WestBridge has infused the sum through the Setu AIF Trust, Konark Trust, and MMPL Trust.
In April 2022, Apito secured $180 million in a Series D funding round.
Read also – Rabbitt AI Secures $2.1 Mn Seed Funding Round
Westbridge holds a 26% stake in Rapido, making it the largest stakeholder. Swiggy, which holds over 15% of the company, refrained from participating in the new round due to its recent filing of DRHP for a prospective IPO.
The SaaS play (zero commission model) by Rapido, in conjunction with cash backs and IPL expenditure, appears to have been profitable for the company. Rapido has become a leader in the country’s cycle taxi sector, and it has a monopoly on the auto-hailing segment in the southern region, according to its documents.
About Rapido
Founded in 2015 by Pavan Guntupalli, Rishikesh SR, and Aravind Sanka, Rapido is India’s largest Bike Taxi App service and making quick strides in app-based auto rickshaws and delivery, among others.
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