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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.
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.
Illustration: Li-Anne Dias
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