Rapido Optains Unicorn Status as Company Raises $120M in Funding

Rapido, an Indian-based bike-taxi transport service has obtained unicorn status as the company raises $120 million in a Series E funding round led by WestBridge Capital. The transport service company is the latest addition to Indian unicorn companies this year. Krutim SI Designs and Fintech Co Perfios are the other two Indian companies that became unicorns in 2024.

To gain unicorn status, private companies must be valued at more than $1 billion without listing on the stock markets. Rapido has thus reached the $1 billion grand company valuation and is expected to make $20 million more from investors overseas. The two-wheeler service company have raised a total of $329 million as reported by Tracxn.

Swiggy, a primary investor in the 2022 funding round did not participate in this year’s funding. The 2022 funding round was led by Swiggy, a food delivery app. The funding round raised over $180 million which raised the company’s valuation to $825 million that year.

Rapido: More on The Company

The startup was founded in 2015 by co-founders, Pavan Guntupalli, Rishtikesh SR and Aravind Sanka. The company is based in Bangalore, Karnataka, India and the service is available in more than a hundred cities all over India.

Furthermore, the company has over 25 million app downloads with more than 10 million customers. The transport service is not only limited to two-wheelers as the service also extends to taxis and auto-rikshaws as well.

The startup was developed as a cheaper alternative to traditionally expensive taxis. It also provides passengers with affordable and transparent pricing, without any hidden charges.

Additionally, Rapido also emphasizes safety as they have safety measures put in place to protect both the passengers and the drivers.

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