The bike taxi firm, Rapido has raised INR 390 cr in a fresh funding round led by Westbridge Capital, after which the app’s post-money valuation soared to INR 1,000 cr. Many other investment firms like BAce Fund, Nexus Venture Partners and Astrend India Investment participated in the Series B funding round.

The parent company of Rapido, Roppen Transportation Services issued preference shares of 28,387 at a price of INR 137,692 per share, as per the documents filed with RoC.

The co-founder of Rapido, Aravind Sanka, said, “To make the transportation more accessible to the next 200 million users, we are going to invest heavily in technological innovation.”

Rapido currently operates in 40 cities of the country and has over 1,00,000 partners on-board. The app has over 10,000 active ‘captains,’ women included.

After the investment, Westbridge Capital has become the largest shareholder with around 22.15% share in the bike taxi app. Westbridge is followed by Nexus Venture which holds about 12.5% of share in the company. Rapido also secured a token investment of 9.43% by a Hong-Kong based firm, Integrated Capital. The share of the three founders of Rapido has reduced from 7.43% to 4.54% stake each.

Headquartered in Bengaluru, Rapido currently operates in 40 cities of the country and has over 1,00,000 partners on-board. The app has over 10,000 active ‘captains,’ women included. Anyone with a registered two-wheeler, driving license and vehicle insurance can start working as a Rapido captain.