News Summary

Indian ride-hailing company Rapido has successfully raised $240 million in a new funding round, reaching a valuation of $3 billion. This significant investment was led by Prosus, with participation from existing investors such as WestBridge Capital and Accel, as part of a larger $730 million financing deal. The funds are earmarked for expanding Rapido’s presence in high-growth markets, enhancing its driver network, and investing in technology and platform efficiency. Rapido aims to strengthen its supply chain and expand its multi-modal transport options, particularly in markets where demand is high but supply is fragmented. Founded in 2015, Rapido operates in over 400 cities and has become a major competitor in India’s challenging ride-hailing market, which includes rivals like Uber and Ola. The company is also diversifying into food delivery with its subsidiary Ownly.