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Decoding Rapidoโ€™s $120 Mn unicorn round

EntrackrEntrackr ยท 10m 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.

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.

Rapido announces first ESOP liquidity program

EntrackrEntrackr ยท 4m ago
Rapido announces first ESOP liquidity program
Medial

Rapido announces first ESOP liquidity program Ride-hailing firm Rapido has announced its first-ever Employee Stock Ownership Plan (ESOP) liquidation program for its current and former employees. Through this initiative, employees are eligible to sell a portion of their vested ESOP units immediately. Founded in 2015 by Aravind Sanka, Pavan Guntupalli, and SR Rishikesh, Rapido operates on a peer-to-peer (P2P) model, connecting customers in need of a quick, affordable ride with independent two-wheeler riders, or captains. In September last year, Rapido 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. Rapidoโ€™s revenue from operations grew 46.3% to Rs 648 crore in FY24 from Rs 443 crore in FY23. The firm also reduced its losses by 45% to Rs 371 crore. 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.

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