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Indian Uber rival Rapido raises $240M at $3B valuation
Rapido has driven its growth by enabling ride-hailing for lower-cost and more flexible modes of transport such as motorbikes and autorickshaws.
AI Summary
Indian ride‑hailing company Rapido announced it had secured $240 million in new equity funding, bringing its valuation to $3 billion. The round was led by Prosus and included existing investors WestBridge Capital and Accel. It was part of a larger $730 million primary and secondary financing effort. Rapido’s valuation had been $2.3 billion during a secondary transaction last year. The funding aims to strengthen the company’s position in India’s competitive mobility market.
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