Rapido Secures Rs 250 Crore Funding from Prosus in Series E Round

Mobility firm Rapido has initiated a significant funding round, raising Rs 250 crore (approximately $29.7 million) from Prosus in its Series E funding effort. This latest funding arrives merely seven months following a substantial $120 million round, predominantly backed by WestBridge.

According to regulatory filings from the Registrar of Companies, Rapido’s board has approved a special resolution to release 47,743 Series E preference shares, each priced at Rs 52,467, to accumulate the intended Rs 250 crore or $29.7 million.

Previously, Rapido was anticipated to secure around $60 million through a blend of primary and secondary fundraising from Prosus, as highlighted by Startup Superb in October 2024.

Details of Rapido’s Series E Funding Round

The ride-hailing application is in the process of raising $200 million in its Series E funding round, with a projected valuation of $1.1 billion. To date, the company has acquired two tranches of funding—$120 million and the recent $29.7 million.

Following this latest funding tranche, Prosus will own approximately 2.9% of Rapido. Based on estimates from Startup Superb, the valuation of Rapido currently stands at around Rs 8,726 crore (slightly over $1 billion).

Impressive Growth Metrics for Rapido

Throughout the fiscal year concluding in March 2024, Rapido exhibited impressive year-on-year growth of 46.3%, with its revenue recorded at Rs 648 crore. Additionally, the company managed to significantly decrease its losses by 45%, bringing them down to Rs 371 crore within the same period.

In the second quarter of FY25, Rapido announced a remarkable 2.5X year-on-year surge in gross order value (GOV), reaching Rs 2,461 crore, a considerable increase from Rs 977 crore in Q2 FY24. The number of rides also heightened significantly, with a total of 207 million rides reported.