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Rapido in final stages of closing $50m round

WestBridge Capital, which has formerly focused on making private investments in public equity (PIPE) deals, is likely to invest $30 million in the bike taxi services provider.

, ET Bureau|
Jun 12, 2019, 09.53 AM IST
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The overall equity financing round, which, according to two sources briefed on the developments, could value the company at $150-200 million, and also stretch by a further $10 million, with talks ongoing for a second new investor to enter Rapido’s cap table.
NEW DELHI: Rapido Bikes is in the final stages of closing a $50 million funding round, led by private equity firm WestBridge Capital, showcasing the growing investor interest in the Indian tech-focused mobility sector.

WestBridge Capital, which has formerly focused on making private investments in public equity (PIPE) deals, is likely to invest $30 million in the Bengaluru-based bike taxi services provider, with its existing cohort of investors also participating. The firm company counts the likes of early-stage, mobility-focused investment firm AdvantEdge, Astarc Ventures, Hong Kong-based Integrated Capital and global investment manager Skywatcher Fund, among its list of institutional backers, along with a clutch of well-known angel investors. Emails sent to Rapido Bikes and WestBridge Capital did not elicit any responses till the time of going to press.

The overall equity financing round, which, according to two sources briefed on the developments, could value the company at $150-200 million, and also stretch by a further $10 million, with talks ongoing for a second new investor to enter Rapido’s cap table.

The developments, which were first reported by The Times of India, come at a time when investors, across stages, are priming themselves to back mobility ventures.
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