India: Ride-hailing platform Rapido raises $240m funding led by Prosus
Rapido, India’s ride-hailing platform, secured $240 million in funding led by Prosus, with a total $730 million transaction valuing the company at $3 billion post-money. The funds will expand market reach, boost driver earnings, and enhance technology and multi-modal services across over 400 Indian cities.
Rapido, an India-based ride-hailing platform operated by Roppen Transportation Services Private Limited, announced a $240 million funding round led by Prosus on Friday. The round included participation from WestBridge Capital and Accel, forming part of a broader $730 million primary and secondary financing deal. Following the transaction, Rapido’s valuation reached $3 billion on a post-money basis. The new capital will be used to expand into new markets, strengthen existing operations, and grow its network of bike taxi and auto-rickshaw drivers. Rapido aims to increase earning opportunities for drivers while improving platform efficiency and last-mile connectivity. The company plans to invest in technology development and talent expansion, focusing on enhancing user experience and scaling its multi-modal services. Rapido operates across over 400 cities in India, offering bike taxis, auto-rickshaws, cab rides, parcel deliveries, flight bookings, and food delivery. Prosus emphasized Rapido’s potential to unlock economic participation in India’s digital mobility sector. Co-founder Aravind Sanka stated the investment will accelerate growth in fragmented markets, ensuring reliable earnings for drivers while expanding the platform’s multi-modal footprint. Founded in 2015, Rapido’s mobility platform aims to address challenges in access and livelihoods through scalable, technology-driven solutions.
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