India’s leading bike taxi platform, Rapido, has successfully secured $200 million (around ₹1,679 crore) in funding, elevating the company’s valuation to a whopping $1.1 billion (around ₹9,237 crore) and securing its place in the prestigious unicorn club.

What Happened: The Economics Times reported on Thursday that the funding round was led by WestBridge Capital. This massive financial boost has skyrocketed Rapido’s valuation to a remarkable $1.1 billion, marking its entry into India’s rapidly growing unicorn club.

Rapido’s CEO Aravind Sanka said the funds raised will be used to expand the company’s recently launched four-wheeler taxi service.

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Sanka also said that Rapido is entering the quick commerce space using their two wheeler fleet for hyperlocal deliveries. Rapido is clocking 23-25 lakh orders every day from which 7% was from the business-to-business (B2B) segment. Rapido does food order deliveries for Swiggy during lean hours.

According to Sanka, the three wheeler auto rickshaw segment contributed 40% to the gross merchandise value (GMV). The bike taxis and cabs contribute 30% each.

Currently West Bridge Capital holds a 24% stake in Rapido. Swiggy has a 14% stake while Nexus Venture Partners has a 9% stake.

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