India's Rapido races to unicorn status

Who would have thought that a service built around the humble auto-rickshaw (the three-wheelers called tuk-tuks) could become such a big deal?

Despite suffering huge losses in the past and facing legal troubles in cities where bike taxis are illegal, Indian startup Rapido has officially pedaled its way into the exclusive unicorn club after scooping up a fresh $120 million in a Series E funding round led by existing investor WestBridge Capital.

Currently in over 100 cities, you might soon see a Rapido rider in your city if you live in India.

But the new funding isn't just about buying more bikes or tuk-tuks. It's about conquering the country's rapidly growing mobility sector which is currently dominated by Ola and Uber. In December 2023, Rapido launched cab services to rival Ola and Uber, so we expect it to expand its services, including auto-rickshaws and delivery services, to cater to a wider customer base.

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TechloyEmmanuel Oyedeji

If you're wondering how a tuk-tuk platform managed to outshine its four-wheeled competitors, Rapido tapped into a massive demand for affordable, last-mile transportation, offering a convenient and economical option for millions of its users.

While rivals Uber and Ola focused on cars, Rapido saw the potential in the humble tuk-tuk. By catering to the masses who rely on affordable, short-distance travel, they carved out a niche for themselves. And now, with this fresh influx of cash, they're clearly looking to expand their empire.

But let's be honest, becoming a unicorn is just the beginning. The real test will be to maintain their growth trajectory and, more importantly, turn a profit. After all, a unicorn without horns is just a regular horse.

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As the ongoing challenges of the global market continue to bite down on Indian startup investment, many high-profile Indian startups are experiencing valuation reductions as investors reassess their positions. One example is the Bengaluru-based ride-hailing unicorn Ola, which has seen its valuation cut by over 50% by Vanguard, the U.

TechloyEmmanuel Oyedeji