Ride-hailing unicorn Rapido has raised $240 Mn (₹2,302 Cr) in a fresh funding round led by existing backer Prosus, with participation from WestBridge Capital, Accel, and other undisclosed investors.

The startup said that the funding is part of a larger $730 Mn round, which will be a mix of primary and secondary transactions, to be raised at a post-money valuation of $3 Bn.

Rapido plans to use the capital to expand into new markets, deepen its presence in existing markets, grow its driver network, and invest in technology and hiring.

“This investment is about accelerating our ability to unlock both these structurally. We are going deeper into markets where demand exists, but supply remains fragmented, building the density that gives captains reliable, predictable earnings. We will sharpen our focus on strengthening supply, building technologies, and expanding our multi-modal footprint, with far greater speed and intent,” Rapido cofounder Aravind Sanka said.

Notably, in September last year, Swiggy said it would sell its stake in Rapido to the latter’s existing investors Westbridge and Prosus for about ₹2,400 Cr ($270.4 Mn). Following this, TVS Motor signed a share purchase agreement with Accel and Prosus to sell its stake worth ₹287.9 Cr in Rapido.

(The story will be updated soon)

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