Rapido has become the latest unicorn. The Hyderabad-based startup recently secured over Rs 1,000 crore ($120 million) from WestBridge Capital in a new funding round, reaching a valuation of $1 billion.
Aravind Sanka, Pavan Guntupalli, and Rishikesh SR created the auto and bike taxi aggregator in 2015. It has expanded its services and branched into taxis. Its success story illustrates the increasing number of domestic firms that achieve unicorn status.
The fresh funding round demonstrates Rapido’s remarkable development as well as its attraction to significant investors. Since 2015, it has drawn significant funding from a range of sources. TVS Motor Company, Nexus Ventures, and Shell Ventures are a few of the prominent investors. Acquiring Getbike and Vahananlytics at the same time allowed it to expand its technology capabilities and extend into new markets.
A few weeks ago, Perfios and Krutrim AI, among other startups, achieved unicorn status. Being the first unicorn in India to focus on AI, Krutrim stands out. The triumph of these startups highlights the variety of industries propelling the rise of startups in India.
It has been reported that investors worldwide are contributing an extra $20 million to Rapido. The fund will assist in further solidifying its position in the cutthroat ride-hailing industry. It currently faces competition in the Indian market from well-known companies like Ola and Uber. It is anticipated that the latest funding will support the company’s ongoing innovation and growth.
Rapido’s new unicorn status underscores the rapidly evolving nature of India’s startup ecosystem. It remains to be seen how this will influence the future of mobility in the country.
