Bike taxi startup Rapido has raised around ₹400 crore in a round led by WestBridge Capital. New investors, Alibaba’s BAce Capital and Shunwei Capital, have also participated in the round, along with existing investor Nexus Venture Partners, shows regulatory filings with the ministry of corporate affairs, sourced from Paper.vc.
The investment reiterates the trend of investor interest in the mobility space.
Founded by Rishikesh S.R., Pavan Guntupalli and Aravind Sanka in 2015, Rapido operates in 13 cities. The firm had raised $10 million in January in a round led by Nexus and Integrated Capital.
Mint reported on 13 August that Rapido is in talks to raise $50 million in a round led by WestBridge.
The investment comes at a time when mobility startups have been garnering strong investor interest. Micro mobility firms, such as Bounce and Vogo, are also in the process of raising funds.
Source: Mint