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

EntrackrEntrackr ยท 11m 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.

Oyo raises $65 Mn from Ritesh Agarwalโ€™s Redsprig Innovation

EntrackrEntrackr ยท 8m ago
Oyo raises $65 Mn from Ritesh Agarwalโ€™s Redsprig Innovation
Medial

Oyo raises $65 Mn from Ritesh Agarwalโ€™s Redsprig Innovation Hospitality major Oyo has raised Rs 550 crore (approximately $65 million) from Redsprig Innovation Partners, an affiliate entity of the companyโ€™s founder Ritesh Agarwal. The board at Oyo has passed a special resolution to issue 12,91,07,982 equity shares at an issue price of Rs 42.6 each to raise Rs 550 crore or $65 million, its regulatory filing accessed from the Registrar of Companies shows. After the recent funding injection, the company's valuation rose to $3.79 billion, reflecting a 59.2% increase from Oyo's previous Series G round, when the firm was valued at $2.38 billion. As per the filings, the company plans to use these funds for growth, supporting global expansion (including acquisitions), strengthening business strategies, and other corporate initiatives. The funding will also result in a 1.728% dilution of the company's total stake. This is the second major capital infusion by Agarwal in Oyo. In August 2024, he led a $175 million round through his Singapore-based fund, Patient Capital. Last month, a CNBC TV18 report suggested that Nuvama Wealth & Investment Limited (formerly Edelweiss Securities) purchased shares worth Rs 100 crore in Oyoโ€™s parent Oravel Stays Limited. During FY24, IPO-bound Oyo posted a flat scale which stood at Rs 5,389 crore, as compared to Rs 5,464 crore in FY23. Despite the stagnant revenue, the company managed to control its expenditure by 16% which resulted in Oyo posting a net profit after tax (PAT) of Rs 230 crore in the last fiscal (FY24). In May, the Gurugram-based company withdrew its draft papers (DRHP) for the second time due to unfavorable conditions. The firm also said that it will refile the IPO papers after concluding a large funding round, which is about to close after the latest fundraises.

Decoding Rapidoโ€™s $120 Mn unicorn round

EntrackrEntrackr ยท 1y ago
Decoding Rapidoโ€™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 didnโ€™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 โ€”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, TheKredibleโ€™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 Rapidoโ€™s internal documents reviewed by Entrackr. While Rapido is yet to disclose FY24 numbers, the firmโ€™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.

Beauty brand Asaya raises $1.5 Mn from OTP Ventures and others

EntrackrEntrackr ยท 1y ago
Beauty brand Asaya raises $1.5 Mn from OTP Ventures and others
Medial

Premium skincare brand Asaya has raised Rs 12 crore ($ 1.5 million) in Seed funding round led by OTP Ventures and Huddle Ventures, with additional investments from Eternal Capital. The funds will be allocated towards melanin-centric research and developing more products that cater to melanin-specific needs, the company said in a press release. Part of the funding will also be utilised to enhance market reach. Launched in September 2023 by Neeraj Biyani (former Co-founder of Paper Boat), Mandeep Bhatia, and Eeti Sharma, Asaya has rapidly expanded its sales and customer base, retailing through its website and online retail platforms like Nykaa, Amazon, Flipkart, and Myntra. Currently, it claims to have more than 11 products and 23 SKUs. According to Biyani, this funding will help us go from 20,000 to over 250,000 consumers in the next 12 months. Suhail Sameer, who is the former CEO of BharatPe, is serving venture capital firm OTP Venture as managing partner. As per a media report, OTP Ventures is also looking to close its debut fund at Rs 400 crore by June. The firm recently led $1 million round in CirclePe.

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

EntrackrEntrackr ยท 10m 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 companyโ€™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.

CirclePe raises close to $1 Mn in pre-seed round

EntrackrEntrackr ยท 1y ago
CirclePe raises close to $1 Mn in pre-seed round
Medial

Fintech startup CirclePe has raised close to $1 million in its pre-seed round led by OTP Ventures, with participation from 1947 Rise, iSeed, IIT Delhi, Venture Catalyst, and founders and CXOs from OfBusiness, BharatPe, Uni Cards, OYO, and others. Led by Navan Jaiswal and Ankur Yadav, CirclePeโ€™s โ€˜Smart Rentingโ€™ solution allows credit-worthy tenants to opt for a zero security-deposit move-in, enjoying the luxury of paying only their monthly rent without any extra charges. By partnering with major proptechs, CirclePe is enabling the smart renting feature for independent retail landlords and co-living operators, providing an easy and hassle-free rental experience. By eliminating the need for heavy security deposits paid by tenants and unlocking capital for landlords and co-living operators, CirclePe aims to disrupt the traditional rental value chain. Suhail Sameer, who is the former CEO of BharatPe, is serving venture capital firm OTP Venture as managing partner. As per a media report, OTP Ventures is also looking to close its debut fund at Rs 400 crore by June.

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