Total amount raised
$540.4 Millions
Latest funding date
Location
Rapido has successfully raised significant funding over multiple rounds, with its latest being a Series E. The company has attracted a diverse group of 40 investors, including notable names like Prosus Ventures and Nexus Venture Partners.
Keep reading to explore the intricacies of Rapido's fundraising journey and the investors backing this innovative platform.
What Is Rapido?
Rapido, founded in 2015, is a Bangalore-based platform that allows users to book bike taxis through a mobile app. The company aims to reduce traffic and pollution by promoting shared rides.
Founded by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR, Rapido has grown significantly since its inception. The platform connects people traveling in the same direction, offering a convenient and eco-friendly transportation option.
With a workforce of 1001-5000 employees, Rapido continues to expand its services, making urban commuting more efficient and sustainable.
How Much Funding Has Rapido Raised?
- Series A
- Amount Raised: $4M
- Date: March 2018
- Lead Investors: Skycatcher
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand initial operations and build the platform.
- Series A
- Amount Raised: ₹526.7M
- Date: January 2019
- Lead Investors: Astarc Ventures, India Technology Fund, Integrated Capital, Ka Wing Kevin Kwong, Skycatcher
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technology infrastructure.
- Series A
- Amount Raised: $11.2M
- Date: April 2019
- Lead Investors: Nexus Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand market reach and improve service offerings.
- Series B
- Amount Raised: ₹3.9B
- Date: August 2019
- Lead Investors: WestBridge Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enter new markets.
- Series C
- Amount Raised: $52M
- Date: August 2021
- Lead Investors: WestBridge Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance service capabilities and expand geographically.
- Series D
- Amount Raised: $180M
- Date: April 2022
- Lead Investors: Swiggy
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen market position and invest in technology.
- Series E
- Amount Raised: $200M
- Date: July 2024
- Lead Investors: WestBridge Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid expansion and operational growth.
- Series E
- Amount Raised: $30M
- Date: February 2025
- Lead Investors: Prosus Ventures
- Valuation at Round: Just over $1 billion
- Motivation Behind the Round: To reach the $200 million Series E target and expand to 500 cities.
Total Amount Raised: $477.2M. Current Valuation: Just over $1 billion.
Key Investors
- Prosus Ventures
- Details: Prosus Ventures is a global consumer internet group and one of the largest technology investors in the world. It is a subsidiary of Naspers, a multinational consumer internet group.
- Investment Focus Areas: Technology, Internet, Consumer, Fintech
- Notable Investments: Swiggy, Byju's, Meesho
- Nexus Venture Partners
- Details: Nexus Venture Partners is a venture capital firm that invests in early and growth-stage companies. It has a strong presence in India and the U.S.
- Investment Focus Areas: Technology, Consumer, Enterprise
- Notable Investments: Delhivery, Unacademy, Postman
- WestBridge Capital
- Details: WestBridge Capital is an investment firm that focuses on high-growth companies in India and South Asia. It manages over $3 billion in capital.
- Investment Focus Areas: Technology, Consumer, Financial Services
- Notable Investments: Oyo, PolicyBazaar, CarDekho
- Swiggy
- Details: Swiggy is India's largest online food ordering and delivery platform. It has expanded its services to include grocery delivery and other on-demand services.
- Investment Focus Areas: Food Delivery, Grocery Delivery, On-Demand Services
- Notable Investments: Rapido, Supr Daily, Fingerlix
- Skycatcher
- Details: Skycatcher is a global investment firm that focuses on early-stage technology companies. It aims to support innovative startups with high growth potential.
- Investment Focus Areas: Technology, Internet, Consumer
- Notable Investments: Rapido, Meesho, Udaan
What's Next for Rapido?
Rapido's future looks promising as it aims to expand into 500 cities by the end of the year, capitalizing on the increasing demand for two-wheeler and auto-rickshaw services. With 3.6 million rides completed daily and a 46.3% year-on-year revenue growth, the company is well-positioned to seize these opportunities.
To support this rapid expansion, Rapido is likely to continue attracting investment, with its ongoing Series E round targeting $200 million. Early investors may offload partial stakes to make room for fresh capital, ensuring the company has the resources needed for growth.
However, challenges such as intense competition from established players like Uber and Ola, managing operational costs, and navigating regulatory hurdles could pose significant obstacles. Despite these challenges, Rapido's strategic focus on cost-effective and efficient transportation options positions it well for future success.
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