Rapido Achieves Unicorn Status with USD 120 Mn Series E Round Led by WestBridge Capital Rapido is the third company to join the unicorn club this year, following fintech Perfios and AI startup Krutrim.
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Swiggy-backed mobility startup Rapido has achieved unicorn status following a USD 120 million Series E funding round led by its major investor, WestBridge Capital, which has pumped in money through three different investment vehicles.
Based on the filings, WestBridge has invested the amount through the Setu AIF Trust, Konark Trust, and MMPL Trust. With a 26% stake, Westbridge is the biggest investor in Rapido.
The board at Rapido has passed a special resolution to allot 10 equity shares, 95,479 Series E, and 95,489 Series E1 compulsory convertible preferred shares (CCPS) at an issue price of Rs 52,467 per share for a consideration of INR 1,002 crore, or USD 120 million, the company's regulatory filings with the Registrar of Companies show.
Rapido, which operates a bike taxi service, is the third company to join the unicorn club this year, following fintech Perfios and AI startup Krutrim.
In 2022, Rapido raised USD 180 million in Series D funding from investors including Swiggy, WestBridge, and Nexus Venture Partners.
Earlier this year, Rapido transitioned from a commission-driven aggregator model to a software-as-a-service (SaaS) model for its auto driver partners, or Auto Captains, offering a lifetime zero commission scheme. This shift underscores Rapido's commitment to innovation and support for its driver partners.
Rapido also claimed to have left Ola behind and became the number two player after Uber in the overall ride hailing space (bikes, autos, and cabs).
