Rapido Secures $29.7M from Prosus as Part of Series E Round

Mobility startup Rapido has raised Rs 250 crore ($29.7 million) from Prosus, marking the second tranche of its ongoing Series E funding round. The fresh capital comes just seven months after the company's $120 million raise led by WestBridge.

According to regulatory filings, Rapido's board has approved issuing 47,743 Series E preference shares priced at Rs 52,467 each. The investment gives Prosus approximately a 2.9% stake in the ride-hailing platform, now valued at around Rs 8,726 crore ($1 billion).

The company's growth trajectory has been impressive. In Q2 FY25, gross order value jumped 2.5X year-on-year to Rs 2,461 crore, up from Rs 977 crore in Q2 FY24. Ride volumes doubled to 207 million during the same period.

Financial performance has also improved significantly. Revenue grew 46.3% to reach Rs 648 crore in the fiscal year ending March 2024, while losses were cut by 45% to Rs 371 crore.

Sources indicate that Rapido aims to raise $200 million in its Series E round at a $1.1 billion valuation. With $149.7 million already secured through two tranches, the company appears well on track to achieve its funding target.

This latest funding follows earlier reports from October 2024 that suggested Rapido was in talks with Prosus for a $60 million investment split between primary and secondary financing.

The investment signals continued investor confidence in India's mobility sector, with Rapido emerging as a strong player in the bike taxi and auto-rickshaw aggregator space.