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wheel - hack startup Rapido is the tardy Native American inauguration to become a unicorn , meaning it reached $ 1 billion in valuation . The 8 - year - old house has raised $ 120 million in a fresh funding round led by WestBridge Capital , concord to a regulatory filing .
The new Das Kapital , a Series E infusion , emphasise Rapido ’s growing protrusion in India ’s mobility sector where it has emerged as a formidable challenger to the long - stand up duopoly of Uber and Ola . It is simultaneously also helping Swiggy ’s competitive stance against rival Zomato in the ferociously contested food for thought - delivery market .
Swiggy led Rapido ’s last round in April 2022 , whichvalued the mobility startup at $ 800 million . Rapido has raise about $ 430 million to appointment .
Rapido ’s focal point on two - wheeler transit , instead of cab , has allow it to navigate the challenges that have hindered the growth of traditional cab - hailing services in India , capitalize on the far-flung use of motorcycle and scooters in the res publica ’s congested urban centers .
Rapido did n’t respond to a request for gossip .
In Rapido , Swiggy has found a speech mate that is avail it answer the growing food deliverance orders in the land . Rapido is able to allow its drivers more work chance through its tie - up with Swiggy , according to an investor of Rapido , who request namelessness discussing scheme . Swiggy finally plan to increase its interest in Rapido , according to a person familiar with the situation , but not before the IPO .
Rapido alsoengaged with Khazanah , Malaysia ’s sovereign wealth fund , for funding in the current round , TechCrunch previously reported .
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Swiggy hasfiled for an initial public offering , seeking to raise $ 1.25 billion from the outcome .
Rapido is the third Indian startup to become a unicorn this year afterfintech PerfiosandAI upstart Krutrim .
