INFOGRAPHIC: Top Asian Startup Funding — Week 31
These are the funding deals we tracked in the Asian region this week – including Rapido, BluPine Energy, Kinetic Green, Vayana Network and BharatPe
- Rapido Hits Unicorn Status with $120 Million Fundraise
- BluPine Energy secures $28.54 million to expand its renewable energy portfolio
- Kinetic Green raises $20 million funding for EV expansion
- Trade financing platform Vayana Network raises $20.5 million in Series D round
- Fintech BharatPe secures an additional $10 million in debt funding for expansion initiatives.
Rapido Hits Unicorn Status with $120 Million Fundraise
Swiggy-backed mobility startup, Rapido, has achieved unicorn status after securing a substantial $120 million in Series E funding led by its long-term investor WestBridge Capital through three different investment vehicles.
Building upon its previous $180 million Series D funding in April 2022 which last valued it at around $850 million, Rapido has consistently attracted significant investor interest. To date, it has raised over $300 million across several funding rounds.
The latest investment marks a significant milestone for the company, solidifying its position as a dominant player in India's ride-hailing market.
Loy Okezie
Rapido offers a range of mobility services, including bike taxis, auto-rickshaws, and cabs. By focusing on bike taxis and establishing a strong presence in southern India, the company has managed to overtake Ola to become the country's second-largest ride-hailing platform, trailing only Uber.
The additional funds will be used to enhance the company's technology infrastructure and expand its operations. As Rapido continues to scale, it will be interesting to see how it leverages its position to disrupt the mobility sector further.
