Rapido bags fresh capital from Prosus, others at $3 bn valuation Ride-hailing and logistics platform Rapido has raised $240 million (Rs 2,302 crore) in primary capital as part of a new funding round led by existing investor Prosus, valuing the company at $3 billion. The round also included participation from WestBridge Capital, Accel, and other undisclosed investors, forming part of a broader $730 million primary and secondary financing. The Bengaluru-based startup announced the funding in a statement released on Friday. Earlier this month, VCCircle reported that Prosus and Accel had acquired a stake worth approximately Rs 1,170 crore ($123.6 million) from Skycatcher Fund LP, a U.S.-based investment firm and one of Rapido’s early backers, through a secondary transaction. Skycatcher Fund, which first invested in Rapido in January 2017, has now fully exited its holding in Roppen Transportation Services Pvt Ltd, the company’s parent entity. Aravind Sanka, co-founder of Rapido, emphasized the company’s strategic focus on expanding into markets with high demand but fragmented supply. “We are going deeper into markets where demand exists, but supply remains fragmented, building the density that gives captains reliable, predictable earnings. We will sharpen our focus on strengthening supply, building technologies, and expanding our multi-modal footprint, with far greater speed and intent,” he said. The fresh capital will be allocated to create new demand markets, deepen existing ones, and grow the company’s captain network to expand earning opportunities for drivers. Rapido also plans to invest in technology and talent to support long-term scalability. The startup has been actively increasing its presence in tier-II cities, where it is observing rising demand for its services.#rapido #prosus #westbridge_capital #accel #skycatcher_fund_lp
