Rapido Raises Fund Worth INR 390.11 Cr in its Series B Funding Round

Team Startup CityIn one of the biggest funding in the Indian startup ecosystem this week, Bengaluru-headquartered bike taxi startup Rapido closed its Series B funding round at INR 390.11 Cr ($54.9 Mn) in an investment round led by WestBridge Capital. Other investors who participated in it include Bace Fund, Integrated Growth Capital, Nexus Ventures, Konark Trust, Sabre Investment, Skycatcher LLC, etc.

In April this year, Rapido had raised $11.2 million led by Nexus Venture Partners with participation from
Karina Choudhrie Tech Sponsors India, Integrated Capital, and Rapido Holdings LLC. In January, the
company received $10 million led by Hong Kong-based investment firm Integrated Capital. The most recent funding the company received was in August this year in which it raised funding of Rs 391 crore in a Series B funding round led by Westbridge Capital with participation from Nexus Venture Partners, Ant Financial-backed BAce Fund, Astrend India Investment Limited, and a few others. Apart from this, 14 startups raised around $57 million funding, and one startup acquisition took place in the Indian startup ecosystem.

Rapido has a fleet of over 60,000 active riders operating across major Indian cities, including Bengaluru, Gurugram, and Delhi. The app is available for Android users in 40 cities in India, with over two million customers. Founded in 2015 by Rishikesh S R, Pavan Guntupalli, and Aravind Sanka, Rapido has registered over 10 million rides. Recently, Madras High Court also banned the bike taxi startup’s operations in Tamil Nadu for nearly two weeks. However, it resumed operations after a court order.