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Exclusive: Mobility unicorn Rapido set to raise $60 Mn from Prosus

EntrackrEntrackr · 9m ago
Exclusive: Mobility unicorn Rapido set to raise $60 Mn from Prosus
Medial

Mobility firm Rapido is set to raise $50-60 million in a mix of primary and secondary capital from Prosus, according to three sources familiar with the deal. This tranche is part of its ongoing $200 million round. “Prosus will acquire a $60 million stake in Rapido. The terms of the deal have been finalized, and it will also enable partial exits for early backers,” said one of the sources, requesting anonymity. Rapido has already secured $120 million in its Series E funding round from WestBridge Capital, through investment vehicles including SETU AIF and Konark. Entrackr had exclusively decoded this tranche in August. “With Prosus’s $60 million, Rapido will conclude its Series E round,” said another source, who also wished to remain anonymous. Sources indicate that the company’s valuation will remain unchanged. According to estimates from startup data intelligence platform TheKredible, Rapido was valued at around $1.02 billion in the initial tranche of the Series E round, funded entirely by WestBridge. Queries sent to Rapido and Prosus didn’t elicit any immediate response. We will update the story in case they do. It’s worth noting that Prosus is the largest stakeholder in food delivery and quick commerce major Swiggy. Swiggy acquired over a 12% stake in Rapido after leading its $180 million funding round in November 2022. Prosus’s interest in Rapido comes at a time when Rapido has surpassed Ola and Uber to become the largest player in the overall ride-hailing space (covering bikes, autos, and cabs), according to Rapido’s internal documents reviewed by Entrackr. Rapido has yet to disclose its FY24 numbers, but the firm’s operating revenue tripled to Rs 443 crore in FY23. This steep growth in scale also led to a 54% increase in losses, reaching Rs 675 crore in FY23.

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Rapido raises Rs 250 Cr from Prosus as part of Series E round

EntrackrEntrackr · 4m ago
Rapido raises Rs 250 Cr from Prosus as part of Series E round
Medial

Rapido raises Rs 250 Cr from Prosus as part of Series E round Mobility firm Rapido is raising Rs 250 crore (around $29.7 million) from Prosus as part of Series E round. This funding comes just seven months after its $120 million round, which was led by WestBridge. The board at Rapido has passed a special resolution to issue 47,743 Series E preference shares at an issue price of Rs 52,467 each to raise Rs 250 crore or $29.7 million, the company's regulatory filing accessed from the Registrar of Companies shows. Rapido was set to raise approximately $60 million in a mix of primary and secondary funding from Prosus, as exclusively reported by Entrackr in October 2024. The ride-hailing app is raising $200 million in its Series E round at a $1.1 billion valuation. The company has already received two tranches—$120 million and $29.7 million. Following this latest tranche, Prosus will hold around 2.9% of Rapido. Based on Entrackr’s estimates, Rapido is currently valued at approximately Rs 8,726 crore (just over $1 billion). Rapido recorded 46.3% year-on-year growth, with revenue standing at Rs 648 crore in the fiscal year ending March 2024. The company also reduced its losses by 45%, bringing them down to Rs 371 crore during the same period. In Q2 FY25, Rapido reported a 2.5X year-on-year increase in gross order value (GOV), reaching Rs 2,461 crore, up from Rs 977 crore in Q2 FY24. The company also saw a two-fold increase in rides, totaling 207 million.

Decoding Rapido’s $120 Mn unicorn round

EntrackrEntrackr · 10m ago
Decoding Rapido’s $120 Mn unicorn round
Medial

Mobility startup Rapido recently turned unicorn after raising $120 million in a Series E funding round from WestBridge Capital through its various investment vehicles including SETU AIF and Konark. While the firm didn’t announce the funding officially, Entrackr has sifted through its regulatory filings to decode every detail of the round which was entirely led by WestBridge —an uncommon deal in the ecosystem. The board at Rapido has passed a special resolution to issue 10 equity, 95,479 Series E, and 95,489 Series E1 compulsory convertible preferred shares at Rs 52,467 each to raise Rs 1,002 crore (approximately $120 million) from WestBridge Capital through its 3 investment vehicles including SETU AIF, Konark, and MMPL Trust. Notably, shares issued worth Rs 501 crore were fully paid-up shares while the other 50% is partly-paid up. This essentially means that Rapido will receive the partly paid amount (Rs 501 crore) in tranches. Rapido will use the proceeds for expansion and growth, as per filings. According to the startup data intelligence platform, TheKredible’s estimates, Rapido was valued at around Rs 8,517 crore (approximately $1.02 billion) in the series E round. With this investment, WestBridge remained the largest external stakeholder with 32.88%, followed by Swiggy and Nexus Ventures, which own 12.32% and 8.19%, respectively. See TheKredibe for the complete shareholding pattern. Rapido also claimed to have left Ola behind and became the number two player after Uber in the overall ride-hailing space (bike, auto, and cabs). As of March 2024, Uber processed 19.3 lakh rides on a daily basis while Rapido did 16.5 lakh rides a day followed by Ola which did 13 lakh rides, as per Rapido’s internal documents reviewed by Entrackr. While Rapido is yet to disclose FY24 numbers, the firm’s operating revenue surged 3X to Rs 443 crore during FY23. The steep growth in scale also caused a 54% spike in losses, which stood at Rs 675 crore in FY23.

Prosus in talks to pick up 5% stake in Rapido

YourStoryYourStory · 9m ago
Prosus in talks to pick up 5% stake in Rapido
Medial

- Prosus is in talks to purchase a 5% stake in Rapido, India's second-largest cab-hailing platform, at a flat valuation of $1 billion. - The deal is expected to be a fully secondary transaction, with Rapido's early investors looking to offload some stake. - Prosus has initiated the due diligence process, and a 5% stake would result in an investment of approximately $50 million. - Rapido has surpassed Ola to become the second-largest ride-hailing platform in India, with 2.5 million rides per day. - Rapido recently secured $200 million in funding to expand operations nationwide and improve its technology platform. - Prosus, an active investor in India, is also the largest shareholder in Swiggy and is considering increasing its stake in Urban Company with a $30 million investment.

Exclusive: 60-min fashion delivery startup Slikk to raise $10 Mn led by Nexus

EntrackrEntrackr · 3m ago
Exclusive: 60-min fashion delivery startup Slikk to raise $10 Mn led by Nexus
Medial

Exclusive: 60-min fashion delivery startup Slikk to raise $10 Mn led by Nexus Slikk, a fashion delivery platform promising 60-minute delivery, is all set to raise another funding round following its recent seed investment, sources familiar with the matter told Entrackr. "Nexus is spearheading a $10 million funding round at a $40 million valuation," said one of the sources. "The deal has already been finalized, and existing investors are expected to participate." On Tuesday, Slikk announced $3.2 million seed round led by Lightspeed with participation from Multiply Ventures and angel investors including Abhishek Goyal (Tracxn), Abhinav Pathak (Perpule), Madhav Tandan, Nikhil (Panthera), and Saurabh Gupta (DST Global). Slikk targets young, impulse-driven shoppers, including students, professionals, and trend-savvy urbanites influenced by social media. Over the next five years, it plans to expand into tier I and tier II cities, offering 60-minute fashion delivery while diversifying into seven-plus lifestyle categories. The startup features more than 80 brands, including Snitch, The Souled Store, Freakins, Uptownie, Off Duty, Bonkers, and Bewakoof. "Quick commerce is trending, and investors have recently shown strong interest in the fashion segment. With Myntra introducing a 30-minute delivery service for fashion and beauty products, more startups are likely to follow suit and seek funding,” said another source. Slikk declined to comment on the story while queries sent to Nexus did not elicit an immediate response.

Rapido claims 207 Mn rides in Q2 FY25 with 2.5x surge in GOV

EntrackrEntrackr · 7m ago
Rapido claims 207 Mn rides in Q2 FY25 with 2.5x surge in GOV
Medial

Ride-hailing firm Rapido reported a 2.5x year-on-year growth in its gross order value (GOV) to Rs 2,461 crore in Q2 FY25 from Rs 977 crore in Q2 FY24. During this period, the company also saw a two-fold increase in rides to 207 million. It's worth noting that Rapido already claims it is now the second-largest ride-hailing service after Uber, surpassing Ola in the bike, auto, and cab segments. According to Rapido, its streamlined cost structure contributed to a reduced quarterly loss of Rs 17 crore in Q2 FY25 from Rs 74 crore in Q2 FY24. With an average of 2.6 million rides daily, the Bengaluru-based firm serves 17 million monthly passengers through a network of 2 million drivers. The company’s expansion into cab services and the addition of a Software-as-a-Service (SaaS) model have broadened its offerings and boosted driver earnings. Rapido added that it reduced fixed costs per order by 50% while strategically investing in new categories and marketing. The company disclosed its key metrics soon after filing its annual financial report for FY24, which states that its revenue from operations grew 46.3% to Rs 648 crore from Rs 443 crore in FY23. The firm also reduced its losses by 45% to Rs 371 crore. In FY24, Rapido reported a nearly 2x increase in Gross Order Value (GOV) to Rs 4,257 crore from Rs 2,419 crore in FY23. This growth was driven by a 1.5x increase in ride orders, with Rapido recording 450 million rides during the period. Rapido attributes this growth to service expansion and strategic marketing investments, which have boosted brand visibility, increased customer acquisition, and driven higher ride volumes. Rapido recently achieved unicorn status after securing $200 million in a Series E funding round led by WestBridge Capital. It has raised more than $500 million to date.

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