Rapido, an Indian bike taxi aggregator, has achieved unicorn status following a significant funding round that raised $120 million. This milestone marks a major achievement for the company and underscores its rapid growth and the increasing investor confidence in the bike taxi sector.

The funding round was led by prominent investors, including existing backers and new participants, reflecting strong market confidence in Rapido?s business model and expansion plans. The capital infusion is expected to accelerate Rapido?s growth trajectory, enhance its operational capabilities, and expand its service offerings across new and existing markets.

As a unicorn, Rapido joins an elite group of privately-held startups valued at over $1 billion. The company plans to utilize the new funds to bolster its technology infrastructure, improve user experience, and scale its operations to meet the growing demand for bike taxi services in India.

Rapido?s business model, which focuses on providing affordable and efficient transportation solutions, has resonated with a broad customer base. The company's innovative approach and strategic expansion have contributed to its impressive valuation and market presence.

The funding will also support Rapido?s efforts to enhance safety features, increase rider and driver incentives, and invest in marketing and brand-building activities. Additionally, the company aims to leverage this opportunity to explore potential partnerships and collaborations that could further drive its growth and market penetration.

With its new unicorn status, Rapido is well-positioned to continue its growth journey and solidify its position as a leader in the bike taxi industry, contributing to the transformation of urban mobility in India.