News Summary

Accel has invested in Rapido, an Indian ride-hailing platform competing with Uber, while Prosus has increased its stake in the company. This follows TVS Motor’s sale of its entire holding in Rapido, securing a return of over 152% over the past three years. Rapido, founded in 2015, has grown into a significant player in India’s ride-hailing market, offering bike taxis, auto-rickshaw bookings, and car services. It has also ventured into courier and pilot food-delivery services. The latest transaction saw Accel and Prosus each purchase approximately $16 million worth of shares. This marks Accel’s return to India’s ride-hailing sector, having been an early investor in Ola. Rapido is in discussions with both Accel and Prosus for a new funding round expected to close next year. Prosus had previously expanded its stake through a secondary share sale, doubling Rapido’s valuation to $2.3 billion.