Ride-hailing company Rapido is set to receive ₹250 crore (around $29.7 million) from Prosus as part of its Series E funding round. This investment comes just seven months after the company secured $120 million in funding, with WestBridge leading the round.
As per official filings accessed from the Registrar of Companies, Rapido’s board has approved a special resolution to issue 47,743 Series E preference shares at ₹52,467 each to raise the ₹250 crore investment.
Back in October 2024, Rapido planned to raise around $60 million through a mix of primary and secondary funding from Prosus. Rapido is currently in the process of raising $200 million in its Series E round, bringing the company’s valuation to $1.1 billion. So far, it has secured two funding tranches—$120 million and $29.7 million.
Prosus will hold a 2.9% stake in Rapido following this latest investment. Based on estimates, the company’s current valuation stands at approximately ₹8,726 crore (just over $1 billion).
Rapido has shown strong growth, recording a 46.3% increase in revenue year-on-year, reaching ₹648 crore in the financial year ending March 2024. At the same time, the company significantly reduced its losses by 45%, bringing them down to ₹371 crore.
In Q2 of FY25, Rapido saw a 2.5 times year-on-year jump in its gross order value (GOV), reaching ₹2,461 crore, compared to ₹977 crore in Q2 FY24. The number of rides also doubled, hitting 207 million.
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