Rapido raises Rs 250 crore in funding from Dutch investment firm Prosus: Report

Bengaluru-based ride-hailing unicorn Rapido has reportedly raised Rs 250 crore (about $29.7 million) from global technology investor Prosus, according to regulatory filings from the Registrar of Companies. 

This investment is part of Rapido’s ongoing Series E round, which the company has pegged at $200 million in total funding.

With the latest contribution from Prosus, Rapido’s valuation stands at around Rs 8,726 crore (just over $1 billion), giving Prosus a 2.9% stake, multiple media reports said.

Funding history and growth

This infusion from Prosus comes roughly seven months after Rapido announced a $120 million financing round led by WestBridge. The new capital brings Rapido closer to its $200 million Series E target.

Earlier reports indicated that some of Rapido’s early investors, including AdvantEdge and individual angel investors, may also offload partial stakes to make room for fresh capital. 

Expansion plans

Founded by Aravind Sanka and others under the corporate name Roppen Transportation Services Pvt. Ltd., Rapido has emerged as a strong competitor to established players such as Uber and Ola in India’s ride-hailing market.

The startup has been steadily expanding its services across India and now plans to reach 500 cities by the end of this year.

Reportedly, it completes about 3.6 million rides daily, with demand fueled by two-wheeler and auto-rickshaw offerings that often help customers avoid traffic congestion and cut travel costs.

Rapido reported 46.3% year-on-year revenue growth in the fiscal year ending March 2024, reaching Rs 648 crore. The company also reduced its losses by 45% to Rs 371 crore in the same period.