Rapido Likely To Raise $60 Mn From Prosus

SUMMARYThe funding is alleged to a part of the mobility big’s ongoing $200 Mn spherical

The corporate’s valuation will stay unchanged with this spherical

This comes a month after Rapido turned unicorn after elevating $200 Mn as a part of its Sequence E spherical led by WestBridge Capital

Journey-hailing unicorn Rapido is reportedly set to boost $60 Mn (INR 503 Cr) from Dutch funding main Prosus in a mixture of major and secondary share gross sales.

Sources informed Entrackr that the phrases of the deal have already been finalised, including that the fundraise can be a part of the mobility big’s ongoing $200 Mn spherical.

“Prosus will purchase a $60 Mn stake in Rapido. The phrases of the deal have been finalized, and it’ll additionally allow partial exits for early backers,” a supply reportedly stated.

One other particular person acquainted with the event reportedly stated that the $60 Mn spherical will mark the conclusion of Rapido’s Sequence E spherical. As per the report, sources additionally hinted that there can be no change within the firm’s valuation.

This comes a month after Rapido officially announced that it secured $200 Mn as a part of its Sequence E spherical led by current investor WestBridge Capital. The fundraise catapulted the corporate into the unicorn membership with a valuation of $1.1 Bn.

Based in 2015 by Rishikesh SR, Pavan Guntupalli, and Aravind Sanka, Rapido permits customers to e-book bike taxis and autos. It additionally launched its cab service in some cities in December final yr. In addition to, it additionally provides peer-to-peer supply companies by way of Rapido Native.

Backed by the likes of foodtech main Swiggy, TVS Motor Firm, Shell Ventures and others, the startup has raised greater than $625.75 Mn to this point.

On the monetary entrance, Rapido reported a internet lack of INR 674.5 Cr within the monetary yr 2022-23 (FY23), up 50% YoY. In the meantime, working income jumped to INR 443 Cr within the fiscal in opposition to INR 144.8 Cr in FY22.

The event comes at a time when Prosus has been doubling down on its India investments. Simply days in the past, studies surfaced that the investment giant was looking to pump $30 Mn into the hyperlocal companies startup City Firm in a secondary deal, giving a partial exit to Bessemer Enterprise Companions.

In August, Prosus participated in omnichannel jewellery brand Bluestone’s INR 900 Cr pre-IPO spherical and invested INR 350 Cr within the firm. The investor can also be anticipating a windfall from foodtech main Swiggy’s IPO, the place it plans to promote 11.8 Cr shares as a part of the OFS element.