Aravind Sanka, the company’s CEO, told ET that the funds will be used to expand Rapido’s newly launched four-wheeler taxi service, which competes with Ola and Uber. Venture capital fund Nexus Venture Partners, which is Swiggy-backed Rapido’s other existing investor, also participated in the latest fundraise, along with new backers Think Investments and New York-based Invus Opportunities.