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Prosus in talks to pick up 5% stake in Rapido

YourStoryYourStory ยท 8m 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.

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

EntrackrEntrackr ยท 8m 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. โ€œProsus 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,โ€ 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. โ€œWith Prosusโ€™s $60 million, Rapido will conclude its Series E round,โ€ said another source, who also wished to remain anonymous. Sources indicate that the companyโ€™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 didnโ€™t elicit any immediate response. We will update the story in case they do. Itโ€™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. Prosusโ€™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 Rapidoโ€™s internal documents reviewed by Entrackr. Rapido has yet to disclose its FY24 numbers, but the firmโ€™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 ยท 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 tranchesโ€”$120 million and $29.7 million. Following this latest tranche, Prosus will hold around 2.9% of Rapido. Based on Entrackrโ€™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.

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