After establishing a strong presence in the two-wheeler segment, ride-hailing platform Rapido is rapidly gaining ground in the four-wheeler market amid intensifying competition and expansion beyond metro cities. To accelerate its growth, deepen its presence in existing and new markets, and scale its captain network, the company recently raised$240 millionin primary funding led by Prosus, with participation from WestBridge Capital, Accel, and other investors. According to the company, the funding forms part of a larger $730 million primary and secondary share sale. To gain deeper insights into the Bengaluru-based company’s latest $240 million primary funding round,Entrackrreviewed its regulatory filings, examining the transaction’s structure, investor participation, shareholding, and valuation. According to Rapido’s filing with theRegistrar of Companies (RoC), its board has allotted 1,58,645 Series F compulsory convertible preference shares (CCPS) at an issuance price of Rs 1,35,398 each to raise Rs 2,148 crore or around $226 million. Prosus, through MIH Investments One B.V., led the round with an investment of Rs 1,566 crore (around $165 million). Existing investor WestBridge Capital participated via Setu AIF Trust, Konark Trust, and MMPL Trust, investing Rs 223.75 crore ($23.5 million). Meanwhile, Accel and Invus Opportunities invested Rs 179 crore ($18.8 million) and Rs 134.2 crore ($14.1 million), respectively, while Think Investments contributed Rs 44.7 crore ($4.7 million). Rapido’s valuation also surged to Rs 26,761 crore (approximately $2.82 billion) post-money. Note: USD-to-INR conversions are calculated at an exchange rate of Rs 95/$1. Founded in 2015, Rapido has expanded its presence to over 400 cities, becoming one of India’s leading mobility platforms across bike taxis, auto-rickshaws, and cab services. The company has built its business around providing affordable transportation options while creating flexible income opportunities for its driver-partners. The ride-hailing firm has raised nearly $730 million across multiple funding rounds to date. Following the latest allotment, WestBridge Capital remains its largest shareholder with a 29.7% stake, followed by Prosus at 26.2%. Nexus Venture Partners, Accel, and Integrated Capital hold 9.1%, 3.6%, and 3.2% stakes, respectively. Meanwhile, co-founders Aravind Sanka, Pavan Guntupalli, and Rishikesh SR collectively retain approximately 10% ownership in the company. Last year, food delivery giant Swiggy and TVS Motor Company exited Rapido, generating healthy returns on their investments.Swiggysold its stake for Rs 2,399.5 crore to Prosus-backed MIH Investments One B.V. and WestBridge-affiliated investors, securing more than a 2.5x return on an investment made less than four years earlier.TVS Motoralso divested its stake for Rs 288 crore to Accel and Prosus. Rapido delivered a strong financial performance in FY25, with operating revenue rising 44% toRs 934 crorefrom Rs 648 crore in FY24, wh
