The eight-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, highlights Rapido's growing prominence in India's mobility sector where it has emerged as a formidable challenger.
Rapido's focus on two-wheeler transportation 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.
In Rapido, Swiggy has found a distribution partner that is helping it serve the growing food delivery orders in the country. Rapido is able to provide its driver more work opportunity through its tie-up with Swiggy.
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