Rapido Joins Unicorn Club with $200 Mn Funding
- Rapido has raised $200 Mn in a Series E funding round led by WestBridge Capital, pushing its valuation to $1.1 Bn.
- The funds will be used to expand Rapido's new four-wheeler taxi service, aiming to compete with Ola and Uber.
- The startup has seen its revenue grow more than 12 times, according to cofounder Aravind Sanka.
- Rapido is currently handling 2.3-2.5 Mn orders daily, with 7% from B2B operations, including food delivery for Swiggy.
- Despite the growth, Rapido's net loss widened to INR 674.5 Cr in FY23 from INR 439 Cr the previous year.
Source: Inc42
One interview, 1000+ job opportunities
Take a 10-min AI interview to qualify for numerous real jobs auto-matched to your profile 🔑
They are just following the same footsteps as Ola with a different category sequence approach. I don't understand how their fate will change lol
Happy for them. Theyve improved a lot over the years, and overtaking ola for second is definitely a statement
Good .... But still need need something more ...🤔
Responses here:
Same idea with different logo. Unless they can replicate Uber in getting to profitability it's not easy. Uber is in multiple countries and hence can generate profit in some markets which can cover it's losses in markets like say India. Rapido is no where close to doing this based on India only approach so far. Not sure if investors will back them to go global either as that needs deeper pockets.
i
one of the reasons to join the unicorn club is their fare IYKYK 😂