Rapido raises $240 million in funding led by Prosus at $3 billion valuation

Rapido, the ride-hailing and mobility platform, has successfully secured $240 million in a funding round led by Prosus, with contributions from WestBridge Capital, Accel, and other investors. This investment is part of a larger financing effort totaling $730 million, which includes both primary and secondary funding. Following this transaction, the Bengaluru-based company’s valuation has reached an impressive $3 billion. The newly acquired funds will be aimed at enhancing Rapido's presence in rapidly growing markets, improving first- and last-mile connectivity, and providing additional earning opportunities for its network of driver-partners. The company highlighted that the investment comes at a pivotal time when the demand for mobility solutions from Tier-2 and smaller cities is on the rise, while it continues to expand its services in metropolitan areas. In a statement, Rapido emphasized the urgent need for reliable and affordable mobility options, as well as dignified earning opportunities as India’s growth extends beyond major urban centers. The company intends to address both issues simultaneously, positioning mobility as a key driver of economic growth. The investment will also focus on advancing technology and expanding the network of captains, which will enhance platform efficiency and improve user experience. Co-founder Aravind Sanka remarked, "At Rapido, we believe that true mobility is measured not just by the rides completed, but also by the livelihoods created. This investment will help us accelerate our efforts to address these structural issues. We are committed to deepening our reach in markets where demand exists but supply is limited, thereby creating a more reliable income for our captains." Sanka further noted that the company's strategy will involve a stronger emphasis on boosting supply, developing innovative technologies, and expanding its multi-modal mobility services with increased urgency and focus.