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Rapido Gets Rs. 1,679 Crore From WestBridge Capital And Others | Focusing On Growing Their Fleet
Rapido, the ride hailing service, received a huge sum of INR 1,679 Crore (USD 200 Million), increasing their valuation to USD 1.1 Billion, as a part of Rapido's Series E funding. This investment was led by WestBridge Capital (an investment firm focused on Indian investments), and other investors involved were Nexus, Think Investments, and Invus Opportunities.
Aravind Sanka, Co-Founder of Rapido, said, "This investment will empower us to continue innovating and improving our services, allowing us to better serve our customers and make significant strides in enhancing urban mobility for everyone."
Sumir Chadha, Co-Founder and Managing Partner at WestBridge Capital, said, "In the five years since the initial investment made in Rapido, we've seen Aravind, Pavan, Rishikesh and the team transform it into India's leading low-cost mobility platform."
How Are The Funds Going To Be Used?
As Rapido focuses on customer satisfaction and already has a strong market hold, they will focus on growing their fleet across all segments, which includes two-wheelers, three-wheelers, and four-wheelers.
Over the past nine years, Rapido has transformed the consumer internet landscape in India by achieving more than 150% annual growth, solidifying its position as a leader in the shared mobility sector.
Initially focused on bike-taxis, Rapido has expanded its services to include autos and cabs, diversifying its offerings and strengthening its operations. To reach a broader audience, Rapido has expanded beyond metro areas, establishing a presence in over 100 cities, including those in tiers 2 and 3.
Who Is WestBridge Capital?
WestBridge Capital, an accomplished investment firm, manages more than USD 7.5 Billion in capital across various investment funds based in India and Mauritius. Leveraging both its capital and extensive experience, WestBridge Capital aims to facilitate the success of its partner companies.
WestBridge Capital's primary focus lies in establishing long-term partnerships with some of India's most promising mid-sized companies, regardless of their public or private status. Throughout their careers, the WestBridge team has led investments in over 150 companies.
Equipped with this wealth of experience, the WestBridge team is well-positioned to offer comprehensive assistance to its portfolio companies in various areas such as strategic planning, operational improvement, management recruitment, and fundraising, when required.
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