Chinese smartphone maker Xiaomi, along with several other existing investors like China’s Shunwei Capital, are in talks to participate in a USD 75-million round being raised by bike taxi application Rapido, Economic Times reported citing sources.
The deal is expected to take the valuation of Rapido to over USD 300-350 million.
The nitty gritty of the round is still being worked out.
The startup is also in discussions to bring other new investors on board. “Rapido is growing really fast and while they are not reaching profitability, they have still been able to maintain margins well,” said one of the sources mentioned earlier.
So far, Rapido had last raised about USD 55 million at a valuation of close to USD 150 million from investors like Westbridge Capital, BAce Capital and Nexus Venture Partners earlier this year.