Ride-hailing platform Rapido has raised $240 million in primary funding led by Prosus, with participation from WestBridge Capital, Accel, and other investors. This values the startup at $3 billion on a post-money basis.
Rapido said in a statement that the capital will be used to expand into newer markets and strengthen its presence in existing markets. It will also invest in technology and people.
The funding is part of a $730-million primary and secondary financing.
Rapido Co-founder Aravind Sanka said, “At Rapido, we've always believed that the true measure of mobility is not only the rides completed but also livelihoods created. This investment is about accelerating our ability to unlock both these structurally. We are going deeper into markets where demand exists, but supply remains fragmented, building the density that gives captains reliable, predictable earnings.”
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Rapido’s GMV up 111% annually, says ProsusFounded in 2015, Rapido is currently present in over 400 cities. Its services include bike taxis, auto rickshaws, cabs, parcel deliveries, flight bookings, and food delivery.
Rapido Co-founder Aravind Sanka
Ashutosh Sharma, Head of India Ecosystem at Prosus, said, “Mobility is emerging as a foundational layer of India’s digital economy, with the potential to unlock significant economic participation. Our investment reflects a strong conviction in Rapido’s ability to scale sustainably while addressing real, large-scale challenges around access and livelihoods.”
As part of its next phase of growth, Rapido said it is strengthening its focus on inclusivity, with targeted initiatives to onboard more women riders and enhance safety and accessibility for them, ensuring that opportunities are broad-based and equitable. The startup also noted that it sees strong growth opportunities in markets beyond Tier I cities.
Sumir Chadha, Co-founder & Managing Partner, WestBridge Capital said, “Their (Rapido) focus on affordability, efficiency and driver empowerment continues to resonate strongly with consumers. We are pleased to continue backing the team as they scale their platform and unlock the next phase of growth.”
Abhinav Chaturvedi, Partner at Accel said, “Rapido is building far beyond point-to-point mobility—it is creating a high-frequency, hyperlocal network with powerful network effects, one that grows stronger with every rider and captain added to the platform.”
The fundraise by Rapido intensifies the competition in the mobility space in India, opening newer market opportunities and challenging the dominance of larger players like Uber and Ola. Namma Yatri is another key player in the segment.
Feature image: Rapido Co-founder Aravind Sanka
Edited by Swetha Kannan
Source: YourStory - Startups
