Rapido secures $240 million led by Prosus to expand across India
Business
Rapido, the Indian ride-hailing app you've probably seen everywhere, just scored $240 million in fresh funding led by Prosus, with WestBridge Capital and Accel also chipping in.
This cash boost is set to help Rapido level up its bike and car services and reach even more cities: over 400 across India.
Prosus, WestBridge hold 56% of Rapido
After this round, Prosus and WestBridge together hold a 56% stake in the company (with WestBridge at 29.7% and Prosus at 26.2%), while the co-founders still own about 10%.
On the money side, Rapido's revenue jumped by 44% last year to ₹934 crore, while losses dropped by nearly a third, so things are looking up as they go for even bigger growth.