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🚴♂️ Rapido Raises $200 Million, Valuation Hits $1.1 Billion! Rapido, India’s leading ride-hailing platform, has successfully raised $200 million in its Series E funding round, led by WestBridge Capital. This significant round also saw participation from Think Investments, Nexus Venture Partners, and The Invus Group. With WestBridge alone investing $120 million, Rapido has now reached a $1.1 billion valuation, making it India’s latest unicorn! About Rapido Founded in Bengaluru by Pavan Guntupalli, Rishikesh SR and Aravind Sanka, Rapido has quickly emerged as a dominant player in the ride-hailing space. Originally known for its bike taxi service, the company has expanded into auto-rickshaws and recently launched four-wheeler ride-hailing services in December 2023, aiming to compete directly with giants like Ola  and Uber. Rapido’s growth has been phenomenal, processing 16.5 lakh daily rides as of March 2024, making it the number two player in India’s ride-hailing space, just behind Uber. Autorickshaws contribute 40% of Rapido’s gross merchandise value (GMV), while bikes and cabs each contribute 30%. Funding Details The fresh funds will be utilized to expand Rapido’s four-wheeler services, as the company continues its mission to redefine urban transportation in India. With this strategic expansion, Rapido is set to compete aggressively with industry heavyweights, further consolidating its position in the market. Why This Matters Rapido’s latest funding round underscores the growing importance of the ride-hailing sector in India. With daily rides surging and a strong foothold in the two- and three-wheeler market, Rapido is well-positioned to capitalize on the growing demand for convenient and affordable transportation solutions across Indian cities. At Aspirants Space, we’re excited to see how Rapido continues to innovate and grow. With this new capital infusion, we look forward to witnessing their next phase of growth as they expand four-wheeler services and challenge industry leaders. #AspirantsNews #Investment #Unicorn #Rapido #RideHailing #StartupGrowth #TechInnovation #IndianMarket #Ola #Uber #WestBridgeCapital

🚀 Exciting News from Rapido! 🛵 Ride-hailing pioneer Rapido is gearing up for a substantial fundraise of $100 million, with existing investor WestBridge Capital and others showing strong interest in supporting the venture. Already securing commitments totaling $70 million, Rapido is actively engaging with Indian family offices to secure additional backing, according to reports from Mint. This influx of funds could potentially elevate the company's valuation to a staggering $900 million. Since WestBridge's pivotal role as the lead investor during Rapido's Series C funding round in 2021, the company has enjoyed consistent support. Rapido's co-founder Aravind Sanka expressed confidence in WestBridge's continued backing, affirming their commitment to the company's future endeavors. Established in 2015 by Aravind Sanka, Rishikesh SR, and Pavan Guntupalli, Rapido has emerged as a prominent player in the ride-hailing domain, primarily focusing on bike taxis and auto services. The recent expansion into cab services and peer-to-peer delivery via Rapido Local further underscores its commitment to innovation and growth. Boasting a fleet of 5 million bike taxis and 700,000 auto-rickshaws operating across 100 Indian cities, Rapido has garnered over 25 million app downloads, showcasing its widespread popularity and extensive reach. Apart from WestBridge, Rapido has garnered support from notable investors such as Swiggy, TVS Motors, Nexus Ventures, and Shell Ventures, signaling confidence in its long-term vision and potential. Despite reporting a standalone loss of INR 674.5 crore in FY23, Rapido remains steadfast in its efforts to revolutionize the industry. Notably, the company's recent initiative to introduce a lifetime zero commission model for auto drivers underscores its commitment to empowering its workforce and fostering sustainable growth. Stay tuned for further updates as Rapido continues its journey toward reshaping the future of mobility and delivery services! #Rapido #Fundraising #Mobility #Innovation #Investment #TechNews 🚀🛵

Rapido, an Indian ride-hailing platform, has achieved unicorn status after securing $120 million in fresh capital. The funding round was led by existing investor WestBridge Capital, catapulting Rapido's post-money valuation to $1 billion. This development positions Rapido as the third unicorn start-up created in India this year, following Perfios and Krutrim AI. Rapido Bike Taxi is a leading intra-city commuting service provider, operating in over 100 cities across the nation. With a focus on affordability, the company has gained popularity as the top choice for city dwellers seeking convenient and cost-effective transportation options. Rapido's recent funding round of $52 million will be utilized to invest in innovative technologies, talent acquisition, and expanding their supply network. Since launching in 26 cities, the company has experienced a fourfold growth and an impressive 85% recovery rate compared to pre-COVID levels. Rapido aims to reach 50 million users in the next 18 months, further solidifying its position as the largest bike taxi operator in India. Factacy.ai Congratulates and wishes them well. Aravind Sanka #innovation #management #digitalmarketing #technology #creativity #futurism #startups

🚀 Rapido Joins the Unicorn Club with $120 Million Series E Funding Led by WestBridge Capital 🚀 Exciting news in the mobility sector! Rapido, backed by Swiggy, has achieved unicorn status by raising $120 million in a Series E funding round. This significant investment was led by WestBridge Capital through Setu AIF Trust, Konark Trust, and MMPL Trust. Regulatory filings reveal that Rapido’s board approved issuing 10 equity shares, 95,479 Series E, and 95,489 Series E1 compulsory convertible preferred shares (CCPS) at ₹52,467 per share, totaling ₹1,002 crore ($120 million). This round values Rapido at approximately ₹8,517 crore (over $1 billion). Previously, Rapido was valued at around $850 million after its $180 million Series D round in April 2022. To date, Rapido has raised over $300 million across various rounds. WestBridge Capital now holds a 26% stake in Rapido, making it the largest shareholder. Swiggy, which owns more than 15% of Rapido, did not participate in this round due to its impending IPO. Rapido has claimed the position of the second-largest player in the ride-hailing market, surpassing Ola and trailing only Uber. Internal documents show that as of March 2024, Uber handles 1.93 million rides daily, Rapido manages 1.65 million rides, and Ola facilitates 1.3 million rides. Rapido’s growth strategy includes a Software-as-a-Service (SaaS) model with zero commission, cashback offers, and IPL sponsorships. This approach has made it the leader in India's bike taxi market and a dominant player in the southern auto-hailing segment. Despite increased revenue, Rapido has yet to comment on its FY24 financials. However, its operating revenue for FY23 saw a threefold increase to ₹443 crore, though losses rose by 54% to ₹675 crore. Join us in congratulating Rapido on this incredible milestone! 🚀 #Startup #Funding #Unicorn #Mobility #TechNews #Investment #TheLegalOasis #TLO #Rapido

🚀 Rapido Joins the Unicorn Club with $120 Million Series E Funding Led by WestBridge Capital 🚀 Rapido, backed by Swiggy, has achieved unicorn status by raising $120 million in a Series E funding round. This significant investment was led by WestBridge Capital through Setu AIF Trust, Konark Trust, and MMPL Trust. Key Learnings for Company Secretaries: 1. Structuring Investment Rounds: The issuance of equity shares and compulsory convertible preferred shares (CCPS) demonstrates the importance of structuring investment rounds to attract substantial funding while managing control and dilution. Understanding these financial instruments and their implications is crucial for advising on capital raising strategies. 2. Valuation and Stake Management: Rapido’s valuation of over $1 billion and the significant stakes held by WestBridge Capital and Swiggy highlight the importance of strategic equity management. As a CS, it’s essential to understand how different funding rounds affect ownership percentages and control dynamics. This knowledge is vital for advising on shareholder agreements and ensuring fair terms for all parties involved. 3. Regulatory Compliance and Filings: The detailed regulatory filings associated with this funding round underscore the necessity of meticulous compliance and documentation. Ensuring accurate and timely filings with regulatory bodies not only upholds legal standards but also builds investor confidence. Keeping abreast of regulatory requirements and changes is a key responsibility for a CS. 4. Navigating Competitive Markets: Rapido’s position as the second-largest player in the ride-hailing market, surpassing Ola, underscores the need for strategic planning and innovation. As a CS, advising on market positioning, competitive analysis, and growth strategies can add significant value. This includes understanding market trends, customer preferences, and regulatory landscapes to provide informed guidance. 5. Balancing Growth and Profitability: Rapido’s financial performance, with increased revenue and rising losses, highlights the delicate balance between growth and profitability. As a CS, providing insights into financial management, cost control, and sustainable growth practices is crucial. This includes advice on financial planning, budgeting, and performance monitoring to achieve long-term stability. 6. Investor Relations and Communication: Effective communication with investors, as seen in Rapido’s detailed disclosures, is vital for maintaining transparency and trust. A CS plays a key role in facilitating clear and consistent communication with shareholders and potential investors. This involves preparing comprehensive reports, updates, and disclosures to keep stakeholders informed and engaged. By learning from Rapido’s journey, company secretaries can enhance their strategic, financial, and regulatory expertise, contributing to the success and growth of the companies they serve.

🚀 Rapido Joins the Unicorn Club with $120 Million Series E Funding Led by WestBridge Capital 🚀   Exciting news in the mobility sector! Rapido, backed by Swiggy, has achieved unicorn status by raising $120 million in a Series E funding round. This significant investment was led by WestBridge Capital through Setu AIF Trust, Konark Trust, and MMPL Trust. Legal Insights: 1.         Equity and Convertible Preferred Shares Issuance: Regulatory filings reveal that Rapido’s board approved issuing 10 equity shares, 95,479 Series E, and 95,489 Series E1 compulsory convertible preferred shares (CCPS) at ₹52,467 per share, totaling ₹1,002 crore ($120 million). CCPS are instruments that provide investors with the option to convert their preferred shares into equity shares at a later date. This issuance structure indicates a strategic approach to managing ownership and control while attracting substantial investment. 2.         Valuation and Investor Stakes: This funding round values Rapido at approximately ₹8,517 crore (over $1 billion). WestBridge Capital now holds a 26% stake in Rapido, making it the largest shareholder. Such a significant equity position by a leading investor can signal confidence in the company's growth prospects and governance. Additionally, Swiggy, which owns more than 15% of Rapido, chose not to participate in this round, potentially due to strategic reasons related to its impending IPO. 3.         Market Position and Competition: Rapido has claimed the position of the second-largest player in the ride-hailing market, surpassing Ola and trailing only Uber. This competitive positioning is essential for attracting further investments and expanding market share. The company's growth strategy, including a Software-as-a-Service (SaaS) model with zero commission, cashback offers, and IPL sponsorships, demonstrates an innovative approach to capturing and retaining customers. 4.         Financial Performance: Despite increased revenue, Rapido has yet to comment on its FY24 financials. However, its operating revenue for FY23 saw a threefold increase to ₹443 crore, though losses rose by 54% to ₹675 crore. This financial snapshot highlights the classic growth-versus-profitability dilemma faced by many startups. Investors and stakeholders will closely watch Rapido’s efforts to balance growth initiatives with a path to profitability. Join us in #congratulating Rapido on this incredible milestone! 🚀 #Rapido #Unicorn #SeriesEFunding #WestBridgeCapital #MobilitySector #LegalInsights #StartupGrowth #Investment #MarketPosition #FinancialPerformance #tlo #thelegaloasis

In a landmark achievement for the Indian ride-hailing sector, Rapido has officially attained unicorn status following a successful funding round of $120 million led by WestBridge Capital. This new influx of capital marks a significant endorsement of Rapido’s innovative business model and rapid growth trajectory. The latest round of funding, which also saw participation from existing investors, comes at a pivotal time for Rapido as it aims to enhance its technology platform, expand its service offerings, and penetrate new markets across India. The company plans to use the funds to scale its operations, invest in research and development, and improve user experience through advanced technology integrations. Rapido's growth journey has been marked by its unique approach to ride-hailing, focusing on affordable and efficient bike-taxi services that cater to urban commuters. The company’s commitment to solving transportation challenges and providing convenient, cost-effective solutions has resonated strongly with users, leading to its rapid ascent in the industry. Rapido WestBridge Capital Pavan Guntupalli #RapidoUnicorn #FundingSuccess #RideHailingRevolution #WestBridgeCapital #StartupMilestone #UrbanMobility #TechInvestment #GrowthJourney #IndianUnicorn #InnovativeTransport

**🚀 Rapido: India’s Latest Unicorn in the Mobility Sector 🏍️** Rapido, the 8-year-old bike-taxi startup, has just become India’s newest unicorn, reaching a $1 billion valuation! 🦄 This milestone comes after a successful $120 million Series E funding round led by WestBridge Capital, according to regulatory filings. **What’s Driving Rapido’s Success?** 📈 **Funding and Valuation:** Rapido has raised approximately $430 million to date. Its last funding round in April 2022, led by Swiggy, valued the company at $800 million. The new capital infusion underscores Rapido's growing prominence in India’s mobility sector, challenging Uber and Ola’s long-standing duopoly. 🏍️ **Focus on Two-Wheelers:** Rapido’s unique focus on two-wheeler transportation has allowed it to navigate challenges that traditional cab services face in India. By leveraging the widespread use of motorcycles and scooters in congested urban centers, Rapido offers a practical and efficient solution. 🤝 **Strategic Partnerships:** Rapido’s partnership with Swiggy has been a game-changer. This tie-up not only provides Rapido’s drivers with more work opportunities but also strengthens Swiggy’s competitive stance against Zomato in the food delivery market. **What’s Next for Rapido?** Swiggy plans to increase its stake in Rapido, although this move will come post-IPO. Additionally, Rapido has engaged with Khazanah, Malaysia’s sovereign wealth fund, for further funding. Rapido’s rise highlights the dynamic and rapidly evolving landscape of India’s mobility and food delivery sectors. Stay tuned as this unicorn continues to revolutionize urban transportation and delivery logistics! #StartupSuccess #TechNews #Unicorn #Mobility #Rapido #Swiggy #Investing #IndiaStartups #UrbanTransport

𝗥𝗮𝗽𝗶𝗱𝗼 𝗲𝗻𝘁𝗲𝗿𝘀 𝘂𝗻𝗶𝗰𝗼𝗿𝗻 𝗰𝗹𝘂𝗯 𝘄𝗶𝘁𝗵 $𝟭𝟮𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 𝗿𝗼𝘂𝗻𝗱 𝗹𝗲𝗱 𝗯𝘆 𝗪𝗲𝘀𝘁𝗕𝗿𝗶𝗱𝗴𝗲 Rapido, a bike taxi service startup backed by Swiggy, has become a unicorn with a $120 million Series E funding round led by WestBridge Capital. The funding round involved the issuance of equity shares and compulsory convertible preferred shares (CCPS) at an issue price of Rs 52,467 per share for a total consideration of Rs 1,002 crore or $120 million. WestBridge Capital invested the capital through three different investment vehicles: Setu AIF Trust, Konark Trust, and MMPL Trust. The funding raised by Rapido has led to a post-money valuation of Rs 8,517 crore, slightly over $1 billion.-Previously, in April 2022, Rapido had raised $180 million in its Series D round which led to a valuation of $830 million.Rapido was founded in 2015 and offers bike-taxi and auto services in over 100 cities in India. The company has raised a total of $329 million from various investors. Follow Humans Of EV #ev #evnews #electricvehicle #evcharging #evbattery #evindustry #evs #evchargingstation #humansofev   

Major shifts are happening in the mobility space as Rapido achieves unicorn status, raising a significant $200 million in funding led by WestBridge Capital, with additional backing from Nexus Venture Partners. This new milestone signals the rapid rise of Rapido as a key player in the ride-hailing and bike-taxi market, especially at a time when the industry is ripe for change. In my view, Ola seems to be on autopilot when it comes to its core taxi services, as the company diverts much of its focus to ventures like Ola Electric and Kutrum. While these initiatives are impressive, they also leave a gap in the traditional taxi market, providing an opportunity for competitors like Rapido and Blu to step in and seize market share. With this latest round of funding, Rapido is well-positioned to double down on innovation and scale its bike-taxi and last-mile mobility services, potentially reshaping the landscape of urban transportation. As the Indian mobility market continues to evolve, it will be interesting to see how these dynamics play out, especially as players like Rapido gain momentum and challenge Ola’s dominance in this space. 🚖💡 #RapidoUnicorn #MobilityInnovation #StartupSuccess #RideHailing #FutureOfTransport