Indian ride-hailing service Rapido has raised $240 million in a new investment round to expand its operations and enhance competitiveness. Following this funding round, the company's total valuation has reached $3 billion. The round was led by Prosus, with participation from existing investors such as WestBridge Capital and Accel. This is reported by Techcrunch.com .
The company plans to use the funds to strengthen its position in high-growth markets, expand its driver network, and improve its platform technologies. Rapido co-founder Aravind Sanka emphasized that the focus will be on regions with high demand but insufficient supply.
Founded in 2015, Rapido operates in over 400 cities across India. The company has significantly increased its market share by focusing on affordable and convenient transport options like motorcycles and auto-rickshaws. Currently, the startup is entering smaller towns and even testing the food delivery sector through its subsidiary, Ownly.
This investment comes at a time when competition with Uber in the Indian market is intensifying. Uber CEO Dara Khosrowshahi recently visited India and announced plans to develop the country's infrastructure. Nevertheless, with its flexible business model, Rapido remains a serious competitor to major players like Uber and Ola.
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