Rapido Secures Rs 125 Crore in Series E Funding

Mobility firm Rapido is poised to raise Rs 125 crore (approximately $15 million) from Nexus Ventures as part of its Series E funding round. The board at Rapido has approved a special resolution to issue 23,872 Series E preference shares at an issue price of Rs 52,467 each to secure this funding, according to the company’s regulatory filing sourced from the Registrar of Companies.

Funding Details and Company Valuation

The ride-hailing application is expected to secure $200 million in its Series E funding round, bringing the company’s valuation to $1.1 billion. This investment follows a Rs 250 crore infusion from Prosus, which was also a participant in the Series E round.

Expansion into Food Delivery Sector

This funding aligns with Rapido’s strategic plans to launch into the food delivery market via a new platform that will impose a fixed fee per order on restaurants, as reported by Reuters. This strategic move will enable the company to compete directly with major players like Swiggy and Zomato, which is owned by Eternal.

Performance Metrics

On May 24, 2025, Rapido announced it had completed 4 million rides in just one day, and currently averages around 3.5 million rides daily. Moreover, the company has recorded impressive growth with a year-on-year increase of 46.3%, leading to a revenue of Rs 648 crore in the fiscal year ending March 2024. Additionally, Rapido has succeeded in reducing its losses by 45%, bringing them down to Rs 371 crore during the same timeframe.