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- 📝 India's newest unicorn
📝 India's newest unicorn
Liam Gill
July 30, 2024
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News of the Day
Bike-taxi startup Rapido has become India's latest unicorn, reaching a $1 billion valuation after raising $120 million in a Series E round led by WestBridge Capital, highlighting its rise in the mobility sector against Uber and Ola. This eight-year-old company has now raised about $430 million, capitalizing on the widespread use of two-wheelers in India's congested cities. Rapido’s focus on motorcycles and scooters has enabled it to overcome challenges faced by traditional cab services and strengthen its partnership with Swiggy, which led its previous round in 2022 and is poised to increase its stake. This funding round, which included engagement with Malaysia’s Khazanah, marks Rapido as the third Indian startup to achieve unicorn status in 2024, following Perfios and Krutrim, while Swiggy is preparing for a $1.25 billion IPO.
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The rise and fall of corporations where they are vigorous and dynamic and then become capable but no longer growing and finally enter a death spiral is one of those obvious patterns oft remarked on.
It can be best understood as an aging process, exactly like a biological one.
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Onwards and Upwards,
