【AI前沿】Indian Uber rival Rapido raises $240M at $3B valuation

Indian ride-hailing companyRapidosaid on Friday it had raised $240 million in fresh funding at a $3 billion valuation to compete better in the country’s growing but challenging mobility market.Led by Prosus, the equity round saw participation from existing investors, including WestBridge Capital and Accel. The round was part of a larger $730 million primary and secondary financing. Rapido was previously valued at$2.3 billionduring a secondary transaction last year.Rapido said the fresh capital would be used to increase its footprint in high-growth markets, strengthen its driver network, and invest in technology and platform efficiency.“We are going deeper into markets where demand exists, but supply remains fragmented,” Rapido co-founder Aravind Sanka said in a statement. “We will sharpen our focus on strengthening supply, building technologies, and expanding our multimodal footprint, with far greater speed and intent.”The funding round underlines continuing investor interest in India’s mobility sector despite persistent concerns about pricing pressures, regulation, and profitability.Founded in 2015, Rapido operates in more than 400 cities and has spurred its growth by enabling ride-hailing for lower-cost and more flexible modes of transport such as motorbikes and auto-rickshaws in India’s congested, price-sensitive cities. The Bengaluru-based startup has been expanding to smaller towns, too.The funding comes in the wake of Uber CEO Dara Khosrowshahi’s visit to India, where the ride-hailing giant this week unveiled plans toexpand its engineering and infrastructure operationsvia two new technology campuses and a local data center partnership. Uber earlier this year infused $330 million into its India subsidiary as it sought to strengthen its presence amid growing competition from local rivals like Ola, Rapido, and Namma Yatri.Khosrowshahi said last year that Rapido had overtaken Ola as Uber’s biggest competitor in the country.India is currently one of the world’s most challenging ride-hailing markets because of intense price competition, supply issues, high driver incentive costs, and evolving local regulations. Nevertheless, Rapido has rapidly expanded its market share, evenentering the food delivery businessthrough its subsidiary Ownly last year.TopicsFundraising,India,Ola,Rapido,ride-hailing apps,Transportation,UberWhen you purchase through links in our articles,we may earn a small commission. This doesn’t affect our editorial independence.Jagmeet SinghReporterJagmeet covers startups, tech policy-related updates, and all other major tech-centric developments from India for TechCrunch. He previously worked as a principal correspondent at NDTV.You can contact or verify outreach from Jagmeet by [email protected] BioMay 27Athens, GreeceStrictlyVC Athens is up next. Hear unfiltered insights straight from Europe’s tech leaders and connect with the people shaping what’s ahead. Lock in your spot before it’s gone.REGISTER NOWMost PopularOpenAI is reportedly preparing legal action against Apple; it wouldn’t be the first partner to feel burnedConnie LoizosHow to turn off Instagram’s new Instants feature and retract photos you accidentally sharedAisha MalikMusk’s xAI is running nearly 50 gas turbines unchecked at its Mississippi data centerTim De ChantSpotify launches a Wrapped-style recap of your entire listening historyIvan MehtaAI voice startup Vapi hits $500M valuation after winning Amazon Ring over 40 rivalsJagmeet SinghAmazon launches 30-minute delivery across the USSarah PerezFintech startup Parker files for bankruptcyAnthony Ha