Rapido raises $200 million in latest funding round: Report

The Swiggy-backed firm’s CEO Aravind Sanka told ET that the funds will be utilized to expand its newly launched 4-wheeler taxi service as it looks to compete with Ola and Uber.

Ride-hailing app Rapido after raising $200 million in a round led by existing investor WestBridge Capital, valuing the startup at $1.1 billion, The Economic Times reported on September 5.

Other venture capital funds Nexus Venture Partners, Think Investments, and US-based Invus Opportunities also took part in the round, the report said.

The funds would be used to expand its newly launched 4-wheeler taxi service, as it gears up to take on Ola and Uber, the Swiggy-backed raid-hailing firm’s CEO Aravind Sanka told ET.

The company is also entering the quick commerce delivery segment for hyperlocal deliveries, the report said.

Moneycontrol could not independently verify the report.

In July, Moneycontrol reported that Rapido has joined the unicorn club after raising around $120 million (Rs 1,000 crore) in its Series E funding round led by its existing investor WestBridge Capital.

A unicorn is a privately-owned business valued at $1 billion or more.

The Hyderabad-based firm was founded in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR. Rapido, which started off as an auto and bike taxi aggregator, has also ventured into cabs and claims to have generated over 70 lakh jobs in nine years.