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Prosus in talks to pick up 5% stake in Rapido

YourStoryYourStory · 10m 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: Mobility unicorn Rapido set to raise $60 Mn from Prosus

EntrackrEntrackr · 10m 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.

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

EntrackrEntrackr · 6m 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.

Vanguard values Ola at $1.25 Bn

EntrackrEntrackr · 3m ago
Vanguard values Ola at $1.25 Bn
Medial

US-based asset management company Vanguard has marked down Ola’s valuation to $1.25 billion, according to a SEC filing in the US. This represents more than an 80% drop from its peak valuation of $7.3 billion in 2021. In February 2024, Vanguard had valued the Bhavish Aggarwal-led company at less than $2 billion ($1.88 billion) for the first time. However, it later revalued the company at around $2 billion in November last year. This development comes as Ola continues its push toward a public listing, even as it loses ground in the ride-hailing space (cabs, autos, and bikes). Rapido has emerged as the market leader, followed by Uber, with Ola now relegated to third place. In August last year, CEO Bhavish Aggarwal announced that Ola Cabs would be rebranded as Ola Consumer, consolidating its financial services, cloud kitchens, and electric logistics under one umbrella. Although Ola converted into a public entity in November 2024 and has been evaluating IPO options since November last year, it has yet to make concrete moves toward a listing. Analysts suggest that Ola is likely to delay its IPO plans by at least six months, citing unfavorable market conditions—especially in light of the declining market cap and share price of Ola Electric. During FY24, Ola’s operating revenue declined by 5.5% to Rs 2,012 crore, down from Rs 2,128 crore in FY23. However, the company narrowed its losses significantly to Rs 10 crore in FY24, compared to Rs 623 crore in the previous fiscal year. The Bengaluru-based firm also turned EBITDA profitable in FY24. Meanwhile, its rival Rapido reached unicorn status last year after raising $200 million at a valuation of $1.1 billion. The Swiggy-backed company also surpassed Ola in terms of combined daily rides across bike taxis, autos, and cabs in Q2 FY25. Despite losing market share, Ola’s ride-hailing business remained more than twice the size of Uber’s and 2.5 times that of Rapido in terms of revenue. In FY24, Ola’s ride-hailing income stood at Rs 1,761 crore, compared to Uber’s Rs 807 crore from its mobility operations. Rapido reported Rs 648 crore in revenue for the same period, while managing to cut its losses by 45% to Rs 371 crore. While this valuation downgrade may not have a direct financial impact on Ola, it could weigh on internal morale—especially as the company weighs its public market debut.

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