Ride-Hailing Giant Rapido Surges Past $1 Billion GMV Milestone
Aggressive Expansion Fuels Growth
Rapido, the prominent ride-hailing platform, has achieved a significant milestone by crossing $1 billion in Gross Merchandise Value (GMV), fueled by its bold expansion strategy, as reported by The Economic Times.
Diversification into Multiple Segments
Initially established as a bike-taxi service, Rapido has expanded its offerings to include cabs and auto-rickshaws. This diversification has played a crucial role in driving its GMV growth, catering to a broader customer base.
Series E Funding Success
Rapido's recent Series E funding round, led by existing investor WestBridge Capital, raised $120 million (approximately Rs 1000 crore). This round reflects the strong investor confidence in the company's growth potential.
Additional Funding Prospects
Building on its current success, Rapido is expected to attract further investments. A US-based family office and a UK-based fund are reportedly eyeing stakes in the company, hinting at additional funding on the horizon.
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