Team Startupcity

• Rapido secures  Rs 125 crore (~$15 million) from Nexus Ventures as part of its $200 million Series E funding round, pushing toward a $1.1 billion valuation.
• The company is entering the food delivery space, taking on Swiggy and Zomato with a disruptive fixed-fee model for restaurants.
• Rapido records 46.3% YoY revenue growth in FY24, hitting  Rs 648 crore in earnings and achieving a daily milestone of 4 million rides.

Mobility firm Rapido is raising  Rs 125 crore ($15 million) from Nexus Ventures in its current Series E round of funding. The company has received a special board resolution for issuing 23,872 preference shares of Series E at  Rs 52,467 per share, as per filings with the Registrar of Companies recently.

This injection is included in a larger $200 million Series E round, where Rapido is likely to be valued at about $1.1 billion. The capital comes after Prosus had made a  Rs 250 crore investment in the same round.

In a significant strategic push, Rapido is venturing into the food delivery market with a fixed-fee model for restaurant partners a head-on challenge for established players Swiggy and Eternal-owned Zomato. The company plans to provide a more sustainable option for restaurants.

Rapido registered robust performance in FY24, reporting  Rs 648 crore in revenue a 46.3% growth year-on-year. The company on May 24, 2025, reported that it had clocked 4 million rides in a single day, with its daily average currently at approximately 3.5 million rides.

With its aggressive expansion in last-mile mobility and hyperlocal delivery, Rapido is further consolidating its position as one of India's top mobility tech startups.