Rapido rolls into the unicorn club with $120 million from WestBridge

Rapido has become the latest homegrown startup to achieve unicorn status after the ride-hailing platform Rapido raised $120 million (about Rs 1,000 crore) in primary capital from existing investor WestBridge Capital at a post-money valuation of $1 billion, showed regulatory filings.

Rapido is the third unicorn to be minted this year after Perfios and Ola founder Bhavish Aggarwal’s Krutrim AI turned unicorns earlier this year. In 2023, there were only two new unicorns—Zepto and InCred Wealth–underscoring the funding squeeze in private financing markets.