Rapido enters unicorn club with $120 million round led by WestBridge

Swiggy-backed bike taxi service startup Rapido has turned unicorn with a $120 million Series E funding round led by its largest backer, WestBridge Capital, which has put in capital through three different investment vehicles. A unicorn is a privately held startup company with a current valuation of $1 billion or more.

The board at Rapido has passed a special resolution to allot 10 equity shares, 95,479 Series E, and 95,489 Series E1 compulsory convertible preferred shares (CCPS) at an issue price of Rs 52,467 per share for a consideration of Rs 1,002 crore or $120 million, according to an Entrackr report, which has quoted the company’s regulatory filings with the Registrar of Companies.