Rapido Joins the Unicorn Club, Raising $120M from WestBridge

Rapido raises funding from WestBridget Capital at a valuation exceeding $1 billion

Thanks to this, the startup became the third unicorn of 2024, after Krutrim AI and Perfios

Rapido is also in talks with global investors to raise another USD 20 million

A startup offering shared rides Fast The company has reportedly raised funding of USD 120 million (around INR 1000 Cr) from existing investor WestBridge Capital, at a post-money valuation of over USD 1 billion.

This makes the startup the third unicorn of 2024, according to the Economic Times. Krutrim AI and Perfios are two startups that entered the unicorn club earlier this year.

The publication also reported that the startup is in talks with investors to raise another $20 million. “A U.S.-based family office and a U.K.-based fund are in talks to acquire a stake in the company,” it quoted a person familiar with the matter as saying.

Rapido’s investors include Swiggy, TVS Motors, Nexus Ventures and Shell Ventures.

The development comes about three months after it was reported that the startup was looking to raise funds from its existing investors. At the time, it was reported that Rapido had received commitments of about $70 million and had approached Indian family offices for additional support.

(Story will be updated soon.)