Rapido is reportedly in discussions with global investment giant Prosus to raise nearly $200 million in fresh funding, according to a report by MoneyControl.
The proposed investment is expected to increase Prosus’ stake in the Bengaluru-based mobility startup, where it currently owns around 3–4%.
The funding talks come at a time when investor confidence in Rapido has strengthened significantly due to the company’s rapid growth in India’s ride-hailing market and its aggressive expansion into new business categories, including food delivery through its newly launched platform “Ownly.”
According to sources cited in the report, the deal could include a mix of primary capital infusion and secondary share purchases from existing investors. There is also a possibility that the total round size may increase if Prosus decides to combine both investment routes.
Rapido is currently being valued between $2.3 billion and $2.7 billion in the ongoing negotiations — more than double its previous valuation of $1.1 billion recorded just eight months ago.
However, the funding discussions are still underway, and neither Rapido nor Prosus has officially confirmed the deal.
Founded in 2015, Rapido initially started as a bike taxi aggregator before expanding into auto-rickshaw and cab services. Today, the company operates in more than 100 cities across India and has rapidly emerged as one of the country’s biggest mobility platforms.
The startup currently holds nearly 20% of India’s ride-hailing market, significantly narrowing the gap with Ola, which commands around 30% market share. Meanwhile, Uber continues to dominate India’s cab market with close to half of the market share.
Interestingly, Uber CEO Dara Khosrowshahi recently acknowledged Rapido as Uber’s primary competitor in India, replacing Ola in terms of market pressure and competition.
Rapido’s move into the food delivery segment through “Ownly” has also attracted major industry attention. The expansion has reportedly created concerns for Swiggy, which currently owns around 12% stake in Rapido.
Swiggy recently announced that it is actively reviewing its investment in Rapido due to potential conflict of interest concerns following Rapido’s entry into the food delivery space, where it now competes directly with Swiggy and Zomato.
In its shareholder communication, Swiggy acknowledged Rapido’s impressive growth journey and described the startup as one of India’s leading mobility disruptors.
Rapido’s strong expansion across two-wheelers, auto-rickshaws, cabs, and now food delivery reflects the growing demand for integrated mobility and convenience platforms in India.
The fresh capital from Prosus, if finalised, could further strengthen Rapido’s market position as competition intensifies in India’s rapidly evolving mobility and delivery ecosystem.
Vishal Gawai
Verified JournalistVishal Gawai is the founder of TheIndiaBizz, a media and information platform in India that offers in-depth coverage of the country's startup ecosystem.
