Bike, auto, and cab service provider Rapido has recently raised $240 million in its latest funding round. Among the institutions participating in this fundraising process were WestBridge Capital, Nexus Venture Partners, and Action Capital. Following this funding round, the Bengaluru-headquartered company’s market valuation has increased to $3 billion. According to Rapido, the newly raised capital will be used to enhance the institution’s growth sustainability, expand its market reach, and strengthen its first- and last-mile connectivity management systems.
This funding holds particular significance for Rapido at a time when demand is increasing across tier-2 and tier-3 cities. Commenting on this development, the institution stated in a release:
“India’s development trajectory has shifted from tier-1 cities to other regions. Concurrently, two structural shifts are visible: the increasing participation of women in the workforce, and the growth of flexible and adaptable livelihood opportunities. Rapido’s objective is to build an institution that functions effectively in both of these areas.”
Rapido Secures $240 Million in Funding Round
