Rapido, a prominent mobility firm, is poised to raise approximately $60 million through a combination of primary and secondary capital from Prosus, according to three sources familiar with the deal. This funding is part of Rapido’s ongoing $200 million Series E funding round.
One source, who requested anonymity, stated, “Prosus will acquire a $60 million stake in Rapido. The terms of the deal have been finalized, enabling partial exits for early backers.”
To date, Rapido has already secured $120 million in its Series E funding round from WestBridge Capital, utilizing investment vehicles such as SETU AIF and Konark. Entrackr previously reported this tranche in August.
“With Prosus’s $60 million, Rapido will conclude its Series E round,” said another source, also speaking on the condition of anonymity. Reports suggest that the company’s valuation will remain unchanged, with estimates from startup data intelligence platform TheKredible valuing Rapido at around $1.02 billion in the initial tranche funded entirely by WestBridge.
Despite multiple queries sent to Rapido and Prosus, there has been no immediate response. We will provide updates as more information becomes available.
It’s noteworthy that Prosus is the largest stakeholder in Swiggy, a leading food delivery and quick commerce platform. In November 2022, Swiggy acquired over 12% of Rapido after leading its $180 million funding round.
Prosus’s interest in Rapido comes at a pivotal time when Rapido has surpassed both Ola and Uber to become the largest player in the overall ride-hailing space, encompassing bikes, autos, and cabs, as indicated by Rapido’s internal documents reviewed by Entrackr.
While Rapido has not disclosed its FY24 numbers, the company reported that its operating revenue tripled to ₹443 crore in FY23. However, this rapid growth also resulted in a 54% increase in losses, reaching ₹675 crore during the same period.