Rapido Raises $240M Led by Prosus at $3B Valuation

Indian ride-hailing platform Rapido raised $240 million in a primary funding round led by Prosus, with participation from existing investors WestBridge Capital and Accel, valuing the company at $3 billion on a post-money basis, the startup announced Friday.

The transaction forms part of a larger $730 million primary and secondary financing effort. Rapido, founded in 2015 and based in Bengaluru, plans to deploy the capital to expand into new markets, deepen penetration in existing ones, grow its network of drivers known as captains, and invest in technology and talent. The company operates in more than 400 cities across India, offering bike taxis, auto rickshaws, cabs, parcel delivery, flight bookings, and food delivery through its subsidiary Ownly.

Rapido cofounder Aravind Sanka said, "We are going deeper into markets where demand exists, but supply remains fragmented, building the density that gives captains reliable, predictable earnings." The funding will support efforts to strengthen supply, enhance platform technologies, and broaden its multimodal services with greater speed.

The round reflects sustained investor confidence in India's mobility sector despite challenges like...