Rapido has closed a $240 million Series E round that values the bike-taxi and logistics platform at $3 billion, according to medianama.com.
The Bengaluru-based company’s latest fundraise was led by WestBridge Capital and included participation from existing investors Nexus Venture Partners, Think Investments and Zomato, medianama.com reported. The round, which was in advanced talks since early May, pushes Rapido’s post-money valuation to triple the $1 billion mark it hit in late 2024. The capital will be used to deepen penetration in 100-plus Indian cities, scale Rapido’s three-wheeler and intracity courier services, and build captive EV charging hubs.
The deal vaults Rapido into the same valuation bracket as Ola Electric’s mobility services arm and places it ahead of B2B logistics rival Porter, last valued at $1.8 billion. With daily ride volumes crossing 3.5 million, Rapido now commands roughly 65 percent of India’s organised bike-taxi market, according to industry estimates cited by medianama.com. The fresh funds arrive as the central government finalises guidelines to legalise two-wheeler commercial ride-sharing nationwide, a move expected to open up a $10 billion annual market.
Rapido plans to deploy 25,000 electric two-wheelers by March 2027 and integrate its courier vertical with Open Network for Digital Commerce protocols by December, the company told medianama.com. Regulators are expected to publish draft bike-taxi rules next quarter; Rapido’s compliance roadmap and the pace of EV rollout will be the metrics investors watch closest.