New Delhi: Homegrown ride-sharing platform Rapido on Thursday said it has raised $200 million in its Series E funding, taking its valuation to over $1.1 billion.

The funding round was led by WestBridge Capital, and also saw participation from existing investor Nexus, along with new investors Think Investments and Invus Opportunities.

“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,” Aravind Sanka, Co-founder of Rapido, said in a statement.

The company said it will use funds to expanding its operations across India and scaling its technology platform to enhance service delivery.

Rapido plans to grow its operations across all categories, including bike-taxis, three-wheelers, and taxi-cabs.