Rapido, the bike taxi major, has turned unicorn after a fresh funding round of Rs 1,000 crore, or about $120 million, from existing investor WestBridge Capital.
The board at Roppen Transportation Services Pvt.—which operates Rapido—allotted shares to Konark Trust, MMPL Trust and Setu AIF Trust, which are associates of WestBridge Capital, according to regulatory filings accessed via TheKredible.
With this, Rapido is India's third unicorn this year, after Ola's Krutrim AI and Perfios, in what has been a rather dry funding year.
Rapido is the largest player in bike taxis, an offering that has found traction among value-conscious commuters. It is also a leading player in autorickshaws.
While Rapido's mainstay business of two-wheelers and autos continues, it also forayed into the cab business, with a model different from that of incumbent majors Ola, Uber and now Blusmart.
Rapido's cab offering is based on two differentiators. Instead of a commission-based model, which has been a complaint for drivers across Uber and Ola, Rapido has introduced a subscription-fee-based model. For every Rs 10,000 in earnings, drivers will be subject to a subscription fee of Rs 500.
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