Ride-hailing app 'Rapido' raises Rs. 250 crore in Series E Funding
Rapido, the ride-hailing startup, is raising Rs. 250 crore from global technology investor Prosus, according to a Registrar of Companies filing. Earlier reports by YourStory indicated that Prosus was considering investing in the Bengaluru-based company after it successfully challenged the dominance of Uber and Ola in India’s ride-hailing sector.
With this investment, made through MIH Investments One B.V., Prosus will acquire a 2.9% stake in Rapido. Regulatory filings show that Roppen Transportation Services, Rapido’s parent company, has sought shareholder approval to issue 47,743 Series E compulsorily convertible preference shares to Prosus at Rs. 52,467 per share, along with one equity share at the same price. Some early investors, including AdvantEdge and a few angel investors, are expected to sell a portion of their stake in this round.
Rapido has been expanding aggressively across India after establishing itself in a market long dominated by Uber and Ola. The company recently announced plans to expand its services to 500 cities this year. It currently facilitates around 3.6 million rides daily.
Co-founder and CEO Aravind Sanka previously shared the company’s strategy, emphasizing the focus on entering new cities, deepening market penetration, and addressing barriers to ride-sharing adoption.
In Q2 FY25, Rapido reported a gross order value (GOV) of Rs. 2,461 crore, a significant increase from Rs. 977 crore in the same quarter the previous year. GOV reflects the total value of all rides booked before deductions.
With this investment, made through MIH Investments One B.V., Prosus will acquire a 2.9% stake in Rapido. Regulatory filings show that Roppen Transportation Services, Rapido’s parent company, has sought shareholder approval to issue 47,743 Series E compulsorily convertible preference shares to Prosus at Rs. 52,467 per share, along with one equity share at the same price. Some early investors, including AdvantEdge and a few angel investors, are expected to sell a portion of their stake in this round.
Rapido has been expanding aggressively across India after establishing itself in a market long dominated by Uber and Ola. The company recently announced plans to expand its services to 500 cities this year. It currently facilitates around 3.6 million rides daily.
Co-founder and CEO Aravind Sanka previously shared the company’s strategy, emphasizing the focus on entering new cities, deepening market penetration, and addressing barriers to ride-sharing adoption.
In Q2 FY25, Rapido reported a gross order value (GOV) of Rs. 2,461 crore, a significant increase from Rs. 977 crore in the same quarter the previous year. GOV reflects the total value of all rides booked before deductions.
