Bike taxi startup Rapido has reportedly raised $180 million in a new round of funding led by Swiggy, another India-based startup-delivery company.
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The new round of funding brings Rapido’s valuation to more than $800 million, TechCrunch reported. Rapido, which was founded in 2015, last raised money with a Series C round in August 2021.
Rapido’s platform lets users book bike rides to avoid heavy traffic. The company is based in Bangalore, India, and backed by investors including Westbridge Capital and Nexus Venture Partners.
VC-backed companies based in India have raised nearly $13 billion so far this year, per Crunchbase data.
The investment from Swiggy makes sense, given the company is in the delivery and logistics space. Swiggy is India’s second-largest unicorn, per The Crunchbase Unicorn Board, with a valuation of $5 billion.
Swiggy started investing in other Indian startups about three years ago, such as Fingerlix, but this is its first investment in Rapido.
Rapido has raised more than $309 million as a private company. Other investors in the Series D round include TVS Motor Co., Westbridge, Shell Ventures and Nexus Ventures, according to TechCrunch.
Illustration: Li-Anne Dias
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