Rapido turns unicorn with $120 million from WestBridge Capital
Rapido has raised $120 million (about Rs 1,000 crore) in primary capital from its existing investor WestBridge Capital at a post-money valuation of $1 billion, becoming the newest unicorn startup in the country.
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Rapido is the third unicorn to be minted this year after Perfios and Ola founder Bhavish Aggarwal’s Krutrim AI turned unicorn earlier this year. In 2023, there were only two new unicorns—Zepto and InCred Wealth–underscoring the funding squeeze in private financing markets.
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Offering CollegeCourseWebsiteMIT xPROMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Product ManagementVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitThis marks a big bet from WestBridge Capital–which invests in public and private companies—on Rapido. According to people aware of the matter, the Bengaluru-based bike taxi company is likely to raise another $20 million from global investors.
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“A US-based family office and a UK-based fund are in talks to pick up stakes in the company,” a person aware of the matter said.
ET had reported on April 4 that Rapido was among late-stage firms engaged in discussions to raise a large round at a marginally higher valuation than its last fundraise. The new round, which is yet to be fully closed, could also see a
