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Decoding Rapido’s $120 Mn unicorn round

EntrackrEntrackr · 10m ago
Decoding Rapido’s $120 Mn unicorn round
Medial

Mobility startup Rapido recently turned unicorn after raising $120 million in a Series E funding round from WestBridge Capital through its various investment vehicles including SETU AIF and Konark. While the firm didn’t announce the funding officially, Entrackr has sifted through its regulatory filings to decode every detail of the round which was entirely led by WestBridge —an uncommon deal in the ecosystem. The board at Rapido has passed a special resolution to issue 10 equity, 95,479 Series E, and 95,489 Series E1 compulsory convertible preferred shares at Rs 52,467 each to raise Rs 1,002 crore (approximately $120 million) from WestBridge Capital through its 3 investment vehicles including SETU AIF, Konark, and MMPL Trust. Notably, shares issued worth Rs 501 crore were fully paid-up shares while the other 50% is partly-paid up. This essentially means that Rapido will receive the partly paid amount (Rs 501 crore) in tranches. Rapido will use the proceeds for expansion and growth, as per filings. According to the startup data intelligence platform, TheKredible’s estimates, Rapido was valued at around Rs 8,517 crore (approximately $1.02 billion) in the series E round. With this investment, WestBridge remained the largest external stakeholder with 32.88%, followed by Swiggy and Nexus Ventures, which own 12.32% and 8.19%, respectively. See TheKredibe for the complete shareholding pattern. Rapido also claimed to have left Ola behind and became the number two player after Uber in the overall ride-hailing space (bike, auto, and cabs). As of March 2024, Uber processed 19.3 lakh rides on a daily basis while Rapido did 16.5 lakh rides a day followed by Ola which did 13 lakh rides, as per Rapido’s internal documents reviewed by Entrackr. While Rapido is yet to disclose FY24 numbers, the firm’s operating revenue surged 3X to Rs 443 crore during FY23. The steep growth in scale also caused a 54% spike in losses, which stood at Rs 675 crore in FY23.

Rapido claims 207 Mn rides in Q2 FY25 with 2.5x surge in GOV

EntrackrEntrackr · 7m ago
Rapido claims 207 Mn rides in Q2 FY25 with 2.5x surge in GOV
Medial

Ride-hailing firm Rapido reported a 2.5x year-on-year growth in its gross order value (GOV) to Rs 2,461 crore in Q2 FY25 from Rs 977 crore in Q2 FY24. During this period, the company also saw a two-fold increase in rides to 207 million. It's worth noting that Rapido already claims it is now the second-largest ride-hailing service after Uber, surpassing Ola in the bike, auto, and cab segments. According to Rapido, its streamlined cost structure contributed to a reduced quarterly loss of Rs 17 crore in Q2 FY25 from Rs 74 crore in Q2 FY24. With an average of 2.6 million rides daily, the Bengaluru-based firm serves 17 million monthly passengers through a network of 2 million drivers. The company’s expansion into cab services and the addition of a Software-as-a-Service (SaaS) model have broadened its offerings and boosted driver earnings. Rapido added that it reduced fixed costs per order by 50% while strategically investing in new categories and marketing. The company disclosed its key metrics soon after filing its annual financial report for FY24, which states that its revenue from operations grew 46.3% to Rs 648 crore from Rs 443 crore in FY23. The firm also reduced its losses by 45% to Rs 371 crore. In FY24, Rapido reported a nearly 2x increase in Gross Order Value (GOV) to Rs 4,257 crore from Rs 2,419 crore in FY23. This growth was driven by a 1.5x increase in ride orders, with Rapido recording 450 million rides during the period. Rapido attributes this growth to service expansion and strategic marketing investments, which have boosted brand visibility, increased customer acquisition, and driven higher ride volumes. Rapido recently achieved unicorn status after securing $200 million in a Series E funding round led by WestBridge Capital. It has raised more than $500 million to date.

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