Journey-hailing platform Rapido has raised $240 million (about Rs 2,300 crore) in a funding spherical led by Prosus, because the Ola and Uber rival seems to be to broaden deeper into smaller cities and cities.

Present investors together with WestBridge Capital and Accel additionally participated within the spherical. The Bengaluru-based firm is now valued at almost $3 billion on a post-money foundation.

Based in 2015, Rapido operates in additional than 400 Indian cities, providing bike taxis, auto-rickshaw rides and cab providers.

The contemporary capital can be used to broaden demand in each current and new markets, scale its driver, or “captain”, community, strengthen know-how infrastructure and rent expertise.

The unicorn company can also be focusing on development in Tier-2 and Tier-3 cities, the place it believes demand for reasonably priced transport is rising quickly however stays underserved. It might concentrate on bettering platform effectivity, strengthening first and last-mile connectivity and constructing new demand corridors in high-growth areas.

India’s ride-hailing market has turn into more and more aggressive, with corporations racing to broaden past main metropolitan centres.

Rapido’s development has intensified strain on rivals together with Uber and Ola. In August 2025, Uber CEO Dara Khosrowshahi stated the corporate now seen Rapido as its greatest competitor in India, forward of Ola, which he described as a distant third participant.

Rapido’s newest funding comes as its monetary efficiency improves. Its revenue from operations rose to Rs 934 crore within the monetary 12 months ending March 2025, up from Rs 648 crore a 12 months earlier, whereas internet loss narrowed by 30.5% to Rs 258 crore from Rs 371 crore within the earlier fiscal 12 months.