Rapido has raised $240 million in fresh primary funding in a round led by Prosus, with participation from WestBridge Capital, Accel and other investors, valuing the mobility platform at $3 billion post-money.
The Bengaluru-based company said the latest fundraise is part of a larger $730 million primary and secondary financing round.
Rapido said the fresh capital will be used to deepen its presence across tier-2 and tier-3 markets, expand its captain network, strengthen first- and last-mile connectivity and invest in technology and talent.
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The company, which operates bike taxis, auto-rickshaws, cabs, parcel delivery and food delivery services, said it now operates in over 400 cities across India.
Co-founder Aravind Sanka said the company plans to sharpen focus on strengthening supply and expanding its multi-modal mobility footprint.
Prosus said the investment reflects its conviction in Rapido's ability to build a scalable and affordable mobility platform while creating flexible earning opportunities.
Founded in 2015, Rapido said its platform currently supports over 9 million livelihoods across India.
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