Mobility startup Rapido has secured $200 million in a funding round led by its long-time investor, WestBridge Capital, propelling the company’s valuation to $1.1 billion and granting it unicorn status.

Rapido’s CEO, Aravind Sanka, stated that the new funds will be used to expand their recently launched four-wheeler taxi service, which is set to compete directly with giants like Ola and Uber. The funding round also saw participation from existing investor Nexus Venture Partners, backed by Swiggy, as well as new investors Think Investments and Invus Opportunities, based in New York.

Rapido is also exploring the fast-growing quick commerce sector by leveraging its extensive two-wheeler fleet for hyperlocal deliveries. According to a report quoting Sanka, “The latest fundraise has come on the back of strong growth that we’ve clocked over the last two years. In this period, we’ve grown our top line over 12 times… A few years back, we were just a two-wheeler player, but now we’re a significant three-wheeler operator. We are also making huge inroads in the four-wheeler ride-sharing market.”

Sanka further mentioned that Rapido manages 2.3 to 2.5 million daily orders across its platforms, with about 7% originating from its business-to-business (B2B) segment. In the B2B space, Rapido collaborates with Swiggy to fulfill food delivery orders during periods of lower demand for bike taxis. Additionally, Rapido has joined the Open Network for Digital Commerce (ONDC) as a logistics partner.

Much like ONDC, Rapido offers auto-rickshaw and four-wheeler cab services through a subscription model, where driver partners pay a fixed daily or weekly fee instead of a commission per ride.