Correct Answer : Third
Rapido is the third Indian startup to become a unicorn this year after fintech Perfios and AI upstart Krutrim.
Bike-taxi startup Rapido is the latest Indian startup to become a unicorn, meaning it reached $1 billion in valuation. The 8-year-old firm has raised $120 million in a new funding round led by WestBridge Capital, according to a regulatory filing.
The new capital, a Series E infusion, underscores Rapido’s growing prominence in India’s mobility sector where it has emerged as a formidable challenger to the long-standing duopoly of Uber and Ola.
It is simultaneously also helping Swiggy’s competitive stance against rival Zomato in the fiercely contested food-delivery market.
Swiggy led Rapido’s last round in April 2022, which valued the mobility startup at $800 million. Rapido has raised about $430 million to date.
Rapido’s focus on two-wheeler transportation, instead of cabs, has allowed it to navigate the challenges that have hindered the growth of traditional cab-hailing services in India, capitalizing on the widespread use of motorcycles and scooters in the country’s congested urban centers.
Rapido didn’t respond to a request for comment.
In Rapido, Swiggy has found a delivery partner that is helping it serve the growing food delivery orders in the country. Rapido is able to provide its drivers more work opportunity through its tie-up with Swiggy, according to an investor of Rapido, who requested anonymity discussing strategy. Swiggy eventually plans to increase its stake in Rapido, according to a person familiar with the situation, but not before the IPO..
Source : Tech Crunch
