Rapido raises $240M, valued at $3B

Indian ride-hailing company Rapido has secured $240 million in a funding round, achieving a $3 billion valuation. The investment, led by Prosus with participation from existing investors, aims to bolster Rapido's competitive position in India's dynamic mobility sector. Funds will be allocated to expanding market presence, enhancing its driver network, and improving technological efficiency. This significant capital injection underscores continued investor confidence in India's transportation market, despite challenges like price sensitivity and regulatory hurdles. Rapido, founded in 2015, operates across over 400 cities, focusing on cost-effective transport options like motorbikes and autorickshaws.