Rapido Secures INR 250 Cr from Prosus in Series E Round This latest investment comes just seven months after the company secured USD 120 million in a round led by WestBridge.
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Bengaluru-based mobility startup Rapido has raised INR 250 crore (around USD 29.7 million) from Prosus as part of its ongoing Series E funding round. This latest investment comes just seven months after the company secured USD 120 million in a round led by WestBridge.
According to regulatory filings, Rapido's board approved the issuance of 47,743 Series E preference shares at INR 52,467 each to raise the fresh capital.
Rapido is currently raising USD 200 million in its Series E round at a valuation of USD 1.1 billion. So far, the company has received two major tranches—USD 120 million and USD 29.7 million. With this investment, Prosus will hold a 2.9% stake in the company.
Rapido has shown strong financial growth, recording a 46.3% year-on-year increase in revenue, reaching INR 648 crore in FY24. The company also managed to reduce its losses by 45% to INR 371 crore.
In Q2 FY25, Rapido reported a 2.5X jump in gross order value (GOV) to INR 2,461 crore, compared to INR 977 crore in Q2 FY24. The company also saw a two-fold rise in rides, totaling 207 million.
This fresh capital will likely support Rapido's expansion and technological advancements in the competitive ride-hailing sector.
