Indian Uber rival Rapido raises $240M at $3B valuation
Original: Indian Uber rival Rapido raises $240M at $3B valuation
Why This Matters
Highlights continued investor confidence in India's challenging mobility market despite pricing pressures
Indian ride-hailing company Rapido raised $240 million in fresh funding at a $3 billion valuation, led by Prosus with participation from WestBridge Capital and Accel. The round was part of a larger $730 million primary and secondary financing.
Founded in 2015, Rapido operates in over 400 cities and focuses on lower-cost transport modes like motorbikes and autorickshaws in India's price-sensitive markets. The Bengaluru-based startup was previously valued at $2.3 billion in a secondary transaction last year. Co-founder Aravind Sanka said the funds will expand footprint in high-growth markets, strengthen driver networks, and invest in technology. Uber CEO Dara Khosrowshahi previously identified Rapido as Uber's biggest competitor in India, overtaking Ola. The funding comes as Uber invests $330 million in its India operations amid intense local competition.