New Delhi, Sep 5 : Homegrown ride-sharing platform Rapido on Thursday said it has raised $200 million in its Series E funding, taking its valuation to over $1.1 billion.

The funding round was led by WestBridge Capital, and also saw participation from existing investor Nexus, along with new investors Think Investments and Invus Opportunities.

'Over the past year, we've experienced significant growth, with our daily rides surging to 2.5 million. This investment will empower us to continue innovating and improving our services, allowing us to better serve our customers,' Aravind Sanka, Co-founder of Rapido, said in a statement.

The company said it will use funds to expanding its operations across India and scaling its technology platform to enhance service delivery.

Rapido plans to grow its operations across all categories, including bike-taxis, three-wheelers, and taxi-cabs.

'From dominating bike taxis to making significant strides into 3W autos and cabs, their growth is a testament to their operational rigor and relentless focus on customer and captain satisfaction,' said Sumir Chadha, co-founder and Managing Partner at WestBridge Capital.

Founded in 2015, Rapido has also extended its reach beyond metro cities, establishing a presence in over 100 cities, including tier 2 and 3 cities across the country.

The bike-taxi startup saw its losses surge nearly 54 per cent in the FY23 to Rs 675 crore, from Rs 439 crore in FY22. An increase in riders' cost, IT and employee benefits were behind Rapido's surging losses.

In April 2023, the company raised $180 million led by the online food delivery service Swiggy.

Initially focused on bike-taxis, the company has since diversified into auto and cab services, expanding its value proposition and strengthening its operations.

/IANS