MUMBAI: Roppen Transportation Services Pvt. Ltd, which operates Rapido, has raised $240 million in fresh capital in a round led by Prosus, with participation from WestBridge Capital, Accel and other investors, the company said in a statement on Friday.
The fundraise is part of the mobility startup’s broader $730 million primary and secondary financing round, valuing the company at $3 billion on a post-money basis. Mint first reported in September that Prosus was leading the round.
“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,” Rapido’s co-founder Aravind Sanka said in the statement. “We will sharpen our focus on strengthening supply, building technologies, and expanding our multi-modal footprint, with far greater speed and intent."
The capital will be used to enter new markets, deepen Rapido’s presence in existing ones, expand its rider network and earning opportunities for drivers, and invest in technology and talent.
The company said the investment would help deepen its footprint across high-growth markets, strengthen first- and last-mile connectivity, and improve platform efficiency, alongside targeted investments in talent to support long-term scale.
As India’s growth shifts beyond metropolitan cities, Rapido said two structural gaps are becoming more pronounced: access to reliable, affordable mobility and access to employment opportunities.
Rapido aims to position itself at the intersection of both, building what it describes as a new category where mobility functions as a large-scale economic engine. While the company continues to expand in tier-1 cities, it said demand from smaller cities and towns is accelerating rapidly.
“Our investment reflects a strong conviction in Rapido’s ability to scale sustainably while addressing real, large-scale challenges around access and livelihoods. Rapido has established a strong position by building a supply-led mobility platform with a clear focus on affordability and execution,” said Ashutosh Sharma, head of India Ecosystem at Prosus.
Existing investors echoed a similar view.
“The team has demonstrated a remarkable ability to organize both demand and supply across highly fragmented markets, underpinned by a scalable, technology-driven marketplace,” Accel partner Abhinav Chaturvedi said.
“Their (Rapido) focus on affordability, efficiency and driver empowerment continues to resonate strongly with consumers,” WestBridge Capital’s co-founder Sumir Chadha added.
Founded in 2015, Rapido operates in more than 400 cities and has become an integral part of everyday mobility across India through its technology-enabled ecosystem spanning bike taxis, auto-rickshaws, cabs, parcel deliveries, flight bookings and food delivery. The company also operates a SaaS-driven platform that enables flexible earning opportunities for drivers across cabs and auto-rickshaws.
