Mobility firm Rapido is raising Rs 250 crore (around $29.7 million) from Prosus as part of Series E round. This funding comes just seven months after its $120 million round, which was led by WestBridge.
The board at Rapido has passed a special resolution to issue 47,743 Series E preference shares at an issue price of Rs 52,467 each to raise Rs 250 crore or $29.7 million, the company’s regulatory filing accessed from the Registrar of Companies shows.
Rapido was set to raise approximately $60 million in a mix of primary and secondary funding from Prosus, as exclusively reported by startupvichar in October 2024.
The ride-hailing app is raising $200 million in its Series E round at a $1.1 billion valuation. The company has already received two tranches—$120 million and $29.7 million.
Following this latest tranche, Prosus will hold around 2.9% of Rapido. Based on startupvichar’s estimates, Rapido is currently valued at approximately Rs 8,726 crore (just over $1 billion).
Rapido recorded 46.3% year-on-year growth, with revenue standing at Rs 648 crore in the fiscal year ending March 2024. The company also reduced its losses by 45%, bringing them down to Rs 371 crore during the same period.
In Q2 FY25, Rapido reported a 2.5X year-on-year increase in gross order value (GOV), reaching Rs 2,461 crore, up from Rs 977 crore in Q2 FY24. The company also saw a two-fold increase in rides, totaling 207 million.
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