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.
