Westbridge Capital likely to double down on Rapido
₹675 crore in fiscal year 2022-23 (FY23) from ₹439 crore a year ago. Companies have time till end of September to file their latest financial statements with the Registrar of Companies.
The company said that a capital raise is not imminent. “We wish to clarify that Rapido is adequately capitalized and not looking to raise funds in near future.
Any discussions regarding fund raise by Rapido are purely speculative," a Rapido spokesperson reiterated. Rapido co-founder Pavan Guntupalli had told CNBC in December 2023 that the startup expects to hit unicorn valuation “in a few months".
Rapido's reluctance to confirm its fundraising efforts could stem from ongoing discussions about the company's valuation, according to people cited above. The investment climate in 2024 has grown more cautious, with investors less inclined to offer the generous valuations that were common in the boom year of 2021.
A successful capital raise would bolster Rapido's resources for expansion and growth in a competitive market, where it offers auto and bike-sharing services and recently entered the four-wheeler segment through a pilot programme in Hyderabad, Delhi, and Bengaluru. Additionally, in February, Rapido introduced a zero-commission model for auto drivers on its SaaS (software-as-a-service) platform, requiring only a one-time onboarding fee, to attract more service providers.
. Read more on livemint.com
