Urban mobility startup Rapido has raised $240 million in fresh capital in a round led by Dutch technology investor Prosus, valuing the company at $3 billion, it said in a statement on Friday. WestBridge Capital and Accel also participated in the round. The fundraise is part of a larger $730 million financing that Rapido is finalising, comprising both primary and secondary components.
The transaction, which has been in the works for over the past six months, was announced during the India visit of Dara Khosrowshahi, chief executive of Uber, Rapido’s biggest rival in India. Uber had infused $330 million into its India unit in February. During a town hall at Uber’s Bengaluru office on Thursday, Khosrowshahi discussed the company’s growing focus on India’s two-wheeler market, Rapido’s strongest segment.
