Bengaluru: Bengaluru-based Rapido, known for its ride and short distance logistics services, has raised $240 million (Rs 2,302 crore) in fresh capital, led by Prosus, with participation from WestBridge Capital and Accel, and other investors, as part of a $730 million primary and secondary financing.
The company said in a release that the transaction values the company at USD 3 billion on post-money basis.
This investment comes at a time when demand across Tier 2+ markets is accelerating even as Rapido continues to deepen its mobility offering in Tier 1 cities. It enables the company to expand its presence in these high-growth regions by unlocking new demand corridors while significantly expanding livelihood access, the release added.
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Rapido will deploy this capital to expand demand by creating new markets and deepening existing ones, grow the captain network and expand earning opportunities at scale, and invest in the technology and people that power both. This includes deepening Rapido's footprint across high-growth markets, strengthening first and last-mile connectivity, and improving platform efficiency to deliver a more reliable and seamless experience, alongside focused investments in talent to support long-term scale.
Aravind Sanka, Co-founder, Rapido, said, "This investment is about accelerating our ability to unlock both these structurally. We are going deeper into markets where demand exists, but supply remains fragmented, building the density that gives captains reliable, predictable earnings."
"We will sharpen our focus on strengthening supply, building technologies, and expanding our multi-modal footprint, with far greater speed and intent," Sanka added.
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Commenting on the investment, Ashutosh Sharma, Head of India Ecosystem at Prosus, said, “Our investment reflects a strong conviction in Rapido’s ability to scale sustainably while addressing real, large-scale challenges around access and livelihoods. Rapido has established a strong position by building a supply-led mobility platform with a clear focus on affordability and execution.”
Speaking about this development, Sumir Chadha, Co-founder & Managing Partner, WestBridge Capital, said, “As long-term partners of Rapido, we have seen the company evolve into a category-defining platform addressing critical gaps in urban mobility, with strong growth across cities and expanding user adoption. Their focus on affordability, efficiency and driver empowerment continues to resonate strongly with consumers.”
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Abhinav Chaturvedi, Partner at Accel added, “At Accel, we believe that companies that win in large consumer markets in India consistently build density at scale — and do so on a highly defensible cost structure. Rapido fits squarely within this thesis.”
As part of its next phase, the company is also strengthening its focus on inclusivity, with targeted initiatives to onboard more women captains and enhance safety and accessibility for women riders, ensuring that the opportunities created are broad-based and equitable.
Founded in 2015, Rapido operates in over 400 cities and has become a critical part of everyday mobility across emerging India.
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