Rapido turns unicorn with $120 million raise

MUMBAI: Ride-hailing

startup

Rapido has raised a fresh

funding

of $120 million led by existing backer

WestBridge Capital

at a

valuation

of $1 billion, joining the ranks of

unicorn

startups, regulatory filings made by the company sourced from market intelligence platform

Tofler

showed. The infusion is part of the company’s series E investment round.

Rapido

did not comment.

Rapido is the third startup to turn a unicorn this year after Bhavish Aggarwal’s AI venture Krutrim and B2B SaaS fintech firm Perfios.
After more than a year of funding slowdown, investment for the startup industry is looking up with a few large sized deals back on the table. Earlier this year, quick commerce startup Zepto bagged $665 million from investors in the year’s biggest funding round so far. Companies like Purplle have also pocketed over $100 million funding from investors. With the budget proposing to abolish the angel tax, funding for the ecosystem is expected to get a boost.