New investors that have participated in this round include Alibaba’s BAce Capital and Shunwei Capital, along with existing investor Nexus, according to regulatory filings with the MCA, sourced from Paper.vc.
This investment continues to mark the trend of investor interest in the mobility space.
Founded by Rishikesh S.R. Pavan Guntupalli and Aravind Sanka in 2015, Rapido operates across 13 cities. The firm last raised $10 million in January in a round led by Nexus and Integrated Capital.
Mint had reported in its August 13 edition that Rapido is in talks to raise $50 million in a round led by WestBridge Capital.
This investment comes at a time when mobility startups have been garnering high investor interest. Micro mobility firms such as Bounce and Vogo are also in the process of fundraising.
This article was first published on livemint.com