Trip-hailing app Rapido is elevating Rs 250 crore from world expertise investor Prosus, in response to a Registrar of Firms submitting.
YourStory had earlier reported that Prosus is eyeing a stake within the Bengaluru-based after the corporate managed to interrupt the duopoly of US-based Uber and Bhavish Aggarwal-led Ola Client within the Indian experience hailing area.
The newest fundraise will grant Prosus, which made the funding by way of MIH Investments One B.V., a 2.9% stake within the firm.
In keeping with regulatory filings, Roppen Transportation Providers Pvt Ltd has sought the approval of its shareholders to challenge 47,743 Sequence E compulsorily convertible choice shares to Prosus at a difficulty value of Rs 52,467 per share, together with one fairness share on the identical value.
Rapido final raised $200 million in September from a gaggle of buyers, together with WestBridge Capital and Nexus Enterprise Companions, at a unicorn valuation.
A few of the firm’s early buyers, together with AdvantEdge and some angel buyers, will probably be trying to offload some stake on this spherical, YourStory had reported.
The experience aggregator has doubled down on increasing its companies throughout the nation after discovering success in a market dominated by Uber and Ola. Final month, the corporate mentioned it is going to increase to 500 cities this yr.
In keeping with the corporate, it facilitates round 3.6 million rides every day.
In an interview with YourStory final yr, the corporate’s Co-founder and CEO, Aravind Sanka, had disclosed the corporate’s growth plans.
“The theme is launching new cities and going deeper into current markets by investing in new use circumstances and in addition fixing the obstacles for individuals to make use of ride-sharing,” he mentioned.
Rapido reported a gross order worth (GOV) of Rs 2,461 crore in Q2 FY25 in contrast with Rs 977 crore within the year-ago quarter.
GOV represents the entire worth of all orders positioned inside a specific interval and is measured earlier than any deductions.
