Indian Uber rival Rapido raises $240M at $3B valuation

Indian ride-hailing company Rapido said 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 billion during a secondary transaction last year.