Gurgaon-based ride-hailing startup Rapido has raised a staggering $200 million in its Series E funding round, led by WestBridge Capital. The new capital will be used to expand its four-wheeler ride-hailing services and go toe-to-toe against industry giants like Ola and Uber in India.
With the new funding, Rapido’s valuation has jumped to $1.1 billion. Rapido has grown at a rapid clip, snatching away a chunk of market share from competitors. It has overtaken Ola to become the second-biggest player in the Indian ride-hailing arena.
But despite the significant growth, losses for Rapido also widened 54% in FY23. However, with the company’s performance improving so strongly and looking promising for the future, it is bound to leverage the growing ride-hailing market in India to its full advantage.
