Rapido Secures INR 250 Cr from Prosus, Expands Series E Funding

The ride-hailing company Rapido based in Bengaluru secured INR 250 crore worth of funding from Prosus during its Series E funding process. Rapido has recently obtained INR 250 crore (brain USD 29.7 million) while recently receiving USD 120 million from WestBridge Capital seven months prior.

Key Details of the Funding

The regulatory disclosures indicate that Rapido’s board authorized 47,743 Series E preference shares to be issued at INR 52,467 each to raise fresh capital. The company aims to collect USD 200 million through this financing round while valuing its operations at USD 1.1 billion. Rapido has obtained two defining investments totaling USD 120 million and USD 29.7 million which has resulted in Prosus owning 2.9% of the company.

Rapid Growth and Strong Financials

According to financial records, Rapido achieved a 46.3% year-over-year revenue rise, resulting in INR 648 crore for FY24. The company managed to decrease its losses by 45% while reducing them to INR 371 crore during the same time period. During Q2 FY25 the GOV at Rapido exceeded previous figures by 2.5 times to reach INR 2,461 crore from Q2 FY24's INR 977 crore. The same period revealed two times more rides operated through the platform at 207 million units.

Rapido will use the fresh capital to execute its business expansion goals and make technological advancements to maintain its standing in India's competitive mobility sector. Rapido proposes to boost user experience and financial stability as they grow their operations. Through strong backing from investors and constant growth of its user base, Rapido maintains its market position in India's ride-hailing sector.

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