computer-science
Indian Uber rival Rapido raises $240M at $3B valuation
Key takeaways
- Indian ride-hailing company Rapido said on Friday it had raised $240 million in fresh funding at a $3 billion valuation to compete better in the country s growing but challenging mobility market.
- Led by Prosus, the equity round saw participation from existing investors, including West Bridge Capital and Accel.
- Rapido said the fresh capital would be used to increase its footprint in high-growth markets, strengthen its driver network, and invest in technology and platform efficiency.
Indian ride-hailing company Rapido said on Friday it had raised $240 million in fresh funding at a $3 billion valuation to compete better in the country s growing but challenging mobility market.
Led by Prosus, the equity round saw participation from existing investors, including West Bridge Capital and Accel. The round was part of a larger $730 million primary and secondary financing. Rapido was previously valued at $2.3 billion during a secondary transaction last year.
Rapido said the fresh capital would be used to increase its footprint in high-growth markets, strengthen its driver network, and invest in technology and platform efficiency.
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