Rapido is an online ride-booking platform that announced its plan to secure 60 million USD in its mix of primary and secondary share sales from the investment firm Prosus. The funding round is part of its ongoing $200 million round and it expects to have the participation of the firm’s existing investors including WestBridge Capital.
The startup provides various transportation services via its platform. The company plans to use these fresh proceeds to scale its operations, increase its customer base, improve its performance capability, and develop its market presence.
The new round will be an addition to the ongoing funding round. The source close to the development told inc42, that Prosus has already signed a deal with issue term sheets which will enable the exit of early investors. Prosus is expected to acquire a 60 million USD stake in Rapido.
Another person close to the deal mentioned that this $60 million round can be seen as the conclusion of Rapido’s series E funding round. The company provides its services across India in over 100 cities. Rapido is an online ride-hailing platform that allows users to book rides by providing location, user details, and payment details. This investment will enable the company to expand its market presence.
The development came just after the company secured 200 million USD in its series E funding round from WestBridge Capital with the participation of Nexus Venture Partners, Think Investments, and Invus. The startup reported that the online platform saw over 25 million app downloads and around 19.3 lakh ride bookings daily.
The existing investor WestBridge Capital holds the largest stake with 32.88 percent followed by Swiggy with 12.32 percent. Nexus Ventures accounts for the 8.19 percent stake in the company. The data intelligence platform, tracxn mentioned the valuation of Rapido to be around 1.1 billion USD during its last funding round.
The transportation service provider reported a 50 percent YoY increase in net loss to Rs 674.5 crore in FY23. However, its operating revenue saw a three-time increase and stood at Rs 443 crore in the same duration.
The company has raised around $529 million across multiple funding rounds since its inception, including $180 million secured from Swiggy, TVS motors, and others during its Series D funding round. Rapido receives investments from TVS motor company, Swiggy, Shell Ventures, and others. The company faces competition from other ride-offering platforms such as Bikxie and Baxi.
Conclusion :
Rapido is an app-based ride-hailing platform that plans to raise 60 million USD from investment major Prosus in its mix of primary and secondary share sales rounds. The startup plans to use this fresh capital to scale its operations, improve its performing capability, and expand its network.
The existing investor WestBridge Capital is also expected to participate in this funding round along with other investors. The source close to the development mentioned that this round will be the conclusion of the ongoing series E funding round and will provide an exit to the early investors. The development came just after the firm secured $200 million from its existing investors.
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