News on Medial

Rapido Eyes $100 Mn Funding From WestBridge Capital, Others

Inc42 · 1y

Indian ride-hailing startup, Rapido, is reportedly planning to raise $100 million in funding from existing investor WestBridge Capital and other sources. The company has already received commitments of around $70 million and is approaching Indian family offices for additional support. This funding could potentially raise Rapido's valuation to $900 million. Rapido operates in the bike taxi, auto-rickshaw, cab, and peer-to-peer delivery service segments, with a fleet size of 5 million bike taxis and 700,000 auto-rickshaws. It reported a standalone loss of INR 674.5 crore ($89.8 million) for FY23, a significant increase from the previous year.