Rapido, a mobility startup, has obtained $200 million in a financing round anchored by its current investor, WestBridge Capital. This transaction has propelled Rapido into the unicorn club of privately held companies, with a valuation of $1.1 billion.
The funds will be allocated to the expansion of Rapido’s recently launched four-wheeler transportation service, which is in direct competition with Uber and Ola. The most recent fundraising was also supported by Nexus Venture Partners, a venture capital fund that is Swiggy-backed and another existing investor in Rapido. Additionally, Think Investments and Invus Opportunities, a New York-based company, provided new backing.
Rapido is also utilizing its two-wheeler fleet for hyperlocal deliveries, which is a popular method of fast commerce delivery. the first to disclose on July 29 that Rapido had secured $120 million from WestBridge as part of a larger funding round.
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Rapido is processing 2.3-2.5 million orders per day across various form factors, with 7% of these orders coming from business-to-business (B2B) entities. Rapido fulfills food-delivery orders for Swiggy during lean hours for bike-taxi operations under B2B. In addition, it has adopted Open Network for Digital Commerce (ONDC) as a logistics provider.
Aravind Sanka, founder, Rapido, said: “We’re planning to go deeper into cities while also broadening categories. The Four-wheelers category is pretty new for us, so we’ll be aggressive there,”
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