Funding

Rapido Secures ₹250 Crore from Prosus to Bolster Expansion Plans

A promotional image featuring the three co-founders of Rapido—Pavan Guntupalli, SR Rishikesh, and Aravind Sanka—posing on a yellow scooter. They are all wearing blue Rapido-branded polo shirts and yellow helmets with the company's logo. The background is red, with the "Rapido Bike Taxi" logo prominently displayed on the left. Name tags indicate their names and titles as Co-Founders of Rapido.
By
ES
2 min read

Rapido, India's leading bike-taxi aggregator, is set to raise ₹250 crore (approximately $29.7 million) from global technology investor Prosus as part of its Series E funding round. This investment comes seven months after Rapido secured $120 million in a round led by WestBridge Capital.

Key Details:

  • Investment Structure: Rapido's board has approved the issuance of 47,743 Series E preference shares at ₹52,467 per share to raise ₹250 crore.
  • Stake Acquisition: Through this investment, Prosus will acquire a 2.9% stake in Rapido.
  • Company Valuation: The funding values Rapido at approximately ₹8,726 crore (just over $1 billion), reaffirming its unicorn status.
  • Financial Performance: In the fiscal year ending March 2024, Rapido reported a 46.3% year-on-year revenue growth, reaching ₹648 crore. The company also reduced its losses by 45%, bringing them down to ₹371 crore during the same period.

Founders' Background:

Rapido was founded in 2015 by Aravind Sanka, Pavan Guntupalli, and SR Rishikesh. Aravind Sanka, an alumnus of IIT, has been instrumental in steering the company's strategic direction. Pavan Guntupalli, also an IIT graduate, has played a pivotal role in operations and growth initiatives. SR Rishikesh, a graduate of PES University, has contributed significantly to the technological advancements of the platform.

Funding Details:

  • Series E Round: The current ₹250 crore investment from Prosus is an extension of Rapido's Series E round, which initially raised $200 million in September 2024, led by WestBridge Capital.
  • Use of Funds: The newly infused capital is expected to fuel Rapido's expansion plans across India, enhancing its services and increasing its market presence.