Rapido raised the funding from WestBridget Capital at a valuation of over $1 Bn
The startup has become the third unicorn of 2024 with this, after Krutrim AI and Perfios
Rapido is also in talks with global investors to raise another $20 Mn
Ride-hailing startup Rapido
has reportedly bagged a funding of $120 Mn (about INR 1,000 Cr) from existing investor WestBridge Capital at a post-money valuation of over $1 Bn.
With this, the startup has become the third unicorn of 2024, as per Economic Times. Krutrim AI and Perfios are the two startups which entered the unicorn club earlier this year.
The publication also reported that the startup is in talks with investors to raise another $20 Mn. “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 was quoted as saying.
Rapido counts the likes of Swiggy, TVS Motors, Nexus Ventures, and Shell Ventures among its investors.
The development comes about three months after it was reported that the startup was looking to raise funds from its existing investors. It was reported then that Rapido had received commitments of about $70 Mn and was approaching Indian family offices for additional support.
(The story will be updated soon.)
