Rapido has joined the unicorn club. The Hyderabad-based startup lately secured more than Rs 1,000 crore ($120 million) from WestBridge Capital to touch the milestone in a new round of funding. Hence, its current valuation is $1 billion.
The auto and bike taxi aggregator was founded by Aravind Sanka, Pavan Guntupalli and Rishikesh SR in 2015. It has diversified into cabs and expanding its services too. Its success story reflects a growing trend of homegrown startups touching the mark of unicorn status.
The fresh funding round highlights the impressive growth of Rapido and also its appeal to major investors. It has attracted substantial investments from a variety of sources since 2015. Some of the notable investors are TVS Motor Company, Nexus Ventures and Shell Ventures. It has simultaneously acquired Getbike and Vahananlytics to enhance its technological capabilities and market reach further.
Just a couple of weeks ago few more startups like Perfios and Krutrim AI stepped into the unicorn status. Krutrim stands out as India’s first AI-focused unicorn. The success of these startups emphasizes diverse sectors that are driving the startup growth in India.
Rapido is learned to be raising an additional $20 million from global investors. The fund will help in strengthening its position further in the competitive ride-hailing market. Currently it is competing with established players like Ola and Uber in the Indian market. The recent funding is expected to fuel further expansion and innovation of the company.
Meanwhile, its unicorn status highlights the dynamic nature of India’s startup ecosystem that is rapidly evolving. It is awaited to witness how it shapes the future of mobility in the country.
