Rapido, a mobility firm, became a unicorn with $120 million Series E funding from its major backer WestBridge Capital and three other investment entities.
According to the newspaper, Rapido’s board approved a special resolution to issue ten equity shares, 95,479 Series E and 95,489 Series E1 compulsory convertible preferred shares (CCPS), at Rs 52,467 per share for Rs 1,002 crore or $120 million.
The filings show WestBridge invested the cash through Setu AIF Trust, Konark Trust, and MMPL Trust. In April 2022, Rapido raised $180 million in Series D investment.
Rapido’s main shareholder is Westbridge at 26%. Swiggy, which controls over 15% of the company, did not invest in the latest round because it filed DRHP for an IPO.
Rapido claimed to have overtaken Ola and become the second-largest ride hailing company behind Uber. Uber handled 19.3 lakh rides per day in March 2024, Rapido 16.5 lakh, and Ola 13 lakh.
About Rapido
Established 2015 by Arvind Sanka, Pavan G, and Rishikesh SR. Rapido’s zero-commission SaaS approach, cash backs, and IPL investment appear to be paying off.
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