Exclusive: Mobility unicorn Rapido set to raise $60 Mn from Prosus

Mobility firm Rapido is set to raise around 60 million in a mix of primary and secondary capital from Prosus, according to three sources familiar with the deal. This tranche is part of its ongoing $200 million round.

“Prosus will acquire a $60 million stake in Rapido. The terms of the deal have been finalized, and it will also enable partial exits for early backers,” said one of the sources, requesting anonymity.

Rapido has already secured $120 million in its Series E funding round from WestBridge Capital, through investment vehicles including SETU AIF and Konark. Entrackr had exclusively decoded this tranche in August.

“With Prosus’s $60 million, Rapido will conclude its Series E round,” said another source, who also wished to remain anonymous.

Sources indicate that the company’s valuation will remain unchanged. According to estimates from startup data intelligence platform TheKredible, Rapido was valued at around $1.02 billion in the initial tranche of the Series E round, funded entirely by WestBridge.

Queries sent to Rapido and Prosus didn’t elicit any immediate response. We will update the story in case they do.

It’s worth noting that Prosus is the largest stakeholder in food delivery and quick commerce major Swiggy. Swiggy acquired over a 12% stake in Rapido after leading its $180 million funding round in November 2022.

Prosus’s interest in Rapido comes at a time when Rapido has surpassed Ola and Uber to become the largest player in the overall ride-hailing space (covering bikes, autos, and cabs), according to Rapido’s internal documents reviewed by Entrackr.

Rapido has yet to disclose its FY24 numbers, but the firm’s operating revenue tripled to Rs 443 crore in FY23. This steep growth in scale also led to a 54% increase in losses, reaching Rs 675 crore in FY23.