Mobility firm Rapido is set to hoist around 60 million in a mix of primary and secondary capital from Prosus, according to the three sources similar with the deal. This share is a part of its ongoing $ 200 million round. As per the sources requesting anonymity “Prosus will acquire a $60 million stake in Rapido. The terms of the deal have been finalized, and it will also enable partial exits for early backers”. The mobility firm Rapido already locks $120 million in its series E funding round from WestBridge Capital by an investment which includes SETU AIF and Konark. Entrackr has exclusively reveal this tranche in August.

According to another source “With Prosus’s $60 million, Rapido will conclude its Series E round”.

Sources are indicating that the valuation of the company will remain as it.According to estimates from startup data intelligence platform The Kredible, Rapido was valued at around $1.02 billion in the initial tranche of the Series E round, funded entirely by WestBridge firm’s valuation will not change.

There are queries that have been sent to Rapido and Prosus will not obtain any immediate reaction.

It is remarkably noted that Prosus is the largest stakeholder in food delivery and quick trading major Swiggy. The firm Swiggy has acquire over a 12% stake in Rapido after leading its $ 180 million Funding round in the November of 2022.

Prosus’s interest in Rapido comes at a time when Rapido overshadow Ola and Uber to become the largest player in the overall ride-hailing space which covers bikes, autos and cabs, according to Rapido’s internal documents which is reviewed by Entrackr.

Rapido is yet to reveal its FY24 members, but the firm’s operating revenue is triple to Rs. 443 crore in FY23.This cost in scale leads to a 54% increase in losses reaching up to Rs.675 crore in FY23.