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Ride-hailing platform Rapido on Wednesday said that it has raised $200 million in a Series E funding round, marking its entry into unicorn club.

The funding round was led by existing investor WestBridge Capital and also saw participation from Nexus and other investors—Think Investments and Invus Opportunities. The newly raised funds give the Bengaluru-based company a post-money valuation of $1.1 billion.

Rapido will use the newly raised fund to expand its operations across the country and scale its technology platform to improve service delivery. It also plans to grow operations across categories, including three-wheelers, taxi-cabs and bike-taxis.

“With this new infusion of capital, we are eager to explore and expand our offerings, ensuring we meet

the evolving needs of our customers. 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 and make significant strides in enhancing urban mobility for everyone,” Aravind Sanka, Co-Founder of Rapido said in a statement.

“In the five years since the initial investment made in Rapido, we’ve seen Aravind, Pavan, Rishikesh and the team transform it into India’s leading low-cost mobility platform. 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.

The company reported a rise in revenue to Rs 497.5 crore in FY 2022-23 compared with Rs 157.9 crore earned in FY 2021-22. Its net loss for the period widened to Rs 674.6 crore, compared with Rs 439 crore in FY 2021-22, according to data from Tracxn.