Rapido becomes unicorn with $200 million funding, enters 4-wheeler market

Mobility startup Rapido has raised $200 million in a funding round led by its long-time investor WestBridge Capital, pushing the company’s valuation to $1.1 billion, making it a unicorn, according to a report by The Economic Times.

Rapido’s chief executive officer (CEO), Aravind Sanka, said that the fresh capital will be directed towards expanding their newly launched four-wheeler taxi service, which will compete directly with Ola and Uber. Existing investor Nexus Venture Partners, backed by Swiggy, also contributed to the funding round, alongside new investors Think Investments and Invus Opportunities, based in New York, the report said.