Ride-hailing app Rapido has secured $200 million in its Series E funding round, pushing its valuation to $1.1 billion. The round was led by WestBridge Capital, which invested $120 million, with additional participation from Think Investments, Nexus Venture Partners, and Invus Group.
The funds will be primarily used to expand Rapido’s four-wheeler ride-hailing services, as confirmed by co-founder Aravind Sanka. Rapido launched its cab services in December 2023, with this funding set to help it compete more aggressively against Ola and Uber in the Indian market.
Rapido has overtaken Ola as the second-largest player in India’s overall ride-hailing space, processing 16.5 lakh rides daily, compared to Ola’s 13 lakh. Uber continues to lead with 19.3 lakh daily rides. Autorickshaw services account for 40% of Rapido’s gross merchandise value (GMV), while bike taxis and cabs each contribute 30%.
As of the latest investment, WestBridge holds 32.88% of the company, followed by Swiggy with 12.32% and Nexus Ventures at 8.19%. The shareholding pattern will shift following the new investments from Think Investments, Nexus, and Invus Group.
Rapido’s aggressive expansion and strategic investments position it as a significant competitor in India’s ride-hailing industry, particularly in auto and bike taxi services, where it has carved out a strong presence.
