Ride-hailing platform Rapido has raised $240 million in fresh primary capital in a funding round led by Prosus, with participation from existing backers WestBridge Capital and Accel, as the company doubles down on expansion across smaller Indian cities and livelihood creation.
The latest transaction, which includes primary and secondary financing, values the company at $3 billion post-money. With this, Rapido has raised a total of $730 million across primary and secondary funding rounds.
Focus on tier-II expansion and connectivity
The Bengaluru-based company said the fresh capital will be used to deepen its presence in tier-II and smaller markets, expand its captain network, improve first- and last-mile connectivity, and invest in technology and talent.
“At Rapido, we’ve always believed that the true measure of mobility is not only the rides completed but also livelihoods created,” said Aravind Sanka, cofounder of Rapido. “We are going deeper into markets where demand exists, but supply remains fragmented, building the density that gives captains reliable, predictable earnings.”
