Rapido's Series E funding round, led by WestBridge Capital, the company has raised $200 million, making it one of the largest in the ride-hailing industry in India. Key financial backers who took part in this subsidizing round included Think Investments, Nexus Ventures Partners, and Invus Group, exhibiting market confidence in the development direction and imaginative abilities of Rapido.

WestBridge Capital's $120 million investment increased Rapido's valuation to $1.1 billion, a significant milestone for the Bengaluru-based company as it continues to solidify its position in the ride-hailing industry. This capital inducement will be utilized decisively to invigorate the four-wheeler ride-hailing administrations of Rapido, basically increasing the activities of cab services were launched in December 2023. Rapido would, without a doubt, become more competitive and be able to successfully compete with Ola and Uber in the expanding Indian market.

Aravind Sanka, the Co-Founder of Rapido, affirmed the funding advancement, saying it is focused on driving development, innovation and client esteem in the developing ride-hailing sector. Rapido has overtaken Ola and fallen behind Uber to become the second-largest player in the entire ride-hailing industry, which includes cars, bikes, and taxis.

Rapido processed an impressive 16.5 lakh rides per day as of March 2024, demonstrating its robust market presence and growing consumer popularity. Auto-rickshaws, bikes, and cabs are part of its diverse service offering. Auto-rickshaws make up 40% of the company's Gross Merchandise Value, while bikes and cabs each make up 30%. More specifically, Rapido's use of bike taxis accounts for more than half of all rides, bolstering the company's belief that it has also been able to meet the diverse transportation preferences of its customers.