Rapido Raises INR 250 Cr from Prosus in Series E Funding

Bengaluru-based ride-hailing startup Rapido has secured INR 250 crore (approximately $29.7 million) from Dutch investment firm Prosus as part of its Series E funding round, which is aimed at raising a total of $200 million at a valuation of $1.1 billion. This latest investment follows a previous round where Rapido raised $120 million led by WestBridge Capital just seven months ago. With this funding, Prosus will acquire a 2.9% stake in the company, which reported a 46.3% year-on-year increase in revenue, reaching INR 648 crore for FY24, and a significant reduction in losses by 45%. Additionally, Rapido experienced a substantial growth in gross order value, increasing to INR 2,461 crore in Q2 FY25, alongside a doubling of rides to 207 million. The funds will support Rapido's expansion plans and technological advancements, as it aims to broaden its market presence across India. The company is also considering entering the quick commerce space, similar to other logistics firms.