Rapido becomes the third Unicorn of the year 2024 after raising $120 Million by WestBridge

Rapido, a mobility startup supported by Swiggy, has achieved unicorn status after securing $120 million in its Series E funding round. This funding round was led by its main investor, WestBridge Capital, which invested through three different funds: Setu AIF Trust, Konark Trust, and MMPL Trust.

The investment was detailed in the company’s regulatory filings, where it was reported that Rapido issued 10 equity shares, 95,479 Series E shares, and 95,489 Series E1 compulsory convertible preferred shares (CCPS), each priced at Rs 52,467. This raised a total of Rs 1,002 crore (about $120 million).

WestBridge Capital remains the largest shareholder in Rapido with a 26% stake. Notably, Swiggy, which owns over 15% of Rapido, did not participate in this latest round because it is preparing for a potential IPO.

Recently, Rapido claimed to have surpassed Ola in the ride-hailing market, becoming the second-largest player after Uber. As of March 2024, Uber processed 1.93 million rides daily, Rapido 1.65 million rides, and Ola 1.3 million rides, based on Rapido’s internal data.

Although Rapido has not yet released its financial figures for FY24, its operating revenue for FY23 tripled to Rs 443 crore. However, this growth also led to a 54% increase in losses, which reached Rs 675 crore for FY23.