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Deepti Sri · · 1 min readReport: Indian mobility startup to bag $50m to take on Ola and Uber
“Rapido is all set to mop up US$50 million in a fresh round from new and existing investors,” Entrackr reported, citing sources familiar with the development.
Details:
- The mobility firm has banked US$30 million from WestBridge Capital, while new and existing investors including Nexus Venture Partners and Motherson have poured US$20 million into the company.
- The fresh funding will be used to to streamline Rapido’s operations and compete against rivals such as Ola Bike and Uber Moto.
Context:
- The development comes after Rapido said its businesses have recovered to around 75% of their pre-Covid levels.
- In October 2019, Rapido reportedly raised US$54.9 million in its series B round led by WestBridge Capital.
Editing by Collin Furtado and Eileen C. Ang
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