Rapido Becomes Unicorn With Fresh $120 Million Funding
In a display of growth, India’s space technology sector has reached new frontiers, securing a record-breaking $126 million in funding for 2023. This represents a 7% increase from 2022 and an impressive 235% jump from 2021, according to the latest Tracxn Space Tech Geo Report 2024.
The surge in funding comes as India’s space tech startup ecosystem expands rapidly, now boasting more than 100 companies — as per govt with the majority founded in the past five years.
Rapido, a ride-hailing startup, raised $120 million in fresh funding led by WestBridge Capital, reaching a $1 billion valuation and joining the unicorn club. It’s the third startup to achieve this status in 2023, following Krutrim and Perfios. After a funding slowdown, the startup ecosystem sees renewed investment activity, with Zepto and Purplle also securing substantial funding earlier this year.
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