Rapido Secures Rs 250 Cr from Prosus in Series E Funding Round

The mobility startup Rapido, which is raising Rs 250 crore (around $29.7 million) from Prosus in its Series E funding process, was previously led by WestBridge in a $120 million fundraising round about seven months ago. According to a regulatory filing with the Registrar of Companies, the board of Rapido has approved the issuance of Series E preference shares to raise Rs 250 crore (around $29.7 million), with 47,743 shares to be issued at Rs 52,467 each. In an October 2024 report, Entrackr indicated that Rapido was interested in raising around $60 million through a combination of primary and secondary financing from Prosus.

Both the rounds of investment of $120 million and $29.7 million will be part of an approximately $200 million Series E round for the ride-hailing platform to be valued at $1.1 billion. As a result, Prosus will now hold approximately 2.9% in Rapido. Entrackr estimates a current startup valuation of Rs 8,726 crore (just over $1 billion).

In FY 2023-24, Rapido registered around 46.3% year-on-year revenue growth to Rs 648 crore. During FY 2023-24, the losses were also reduced by 45%-down to Rs 371 crore in the same period. For Q2 FY25 gross order value (GOV) increased, at Rs 2,461 crore nearly 2.5 times that generated in the same period last financial year at Rs 977 crore for Q2 FY24. Total rides also doubled to 207 million.