Mobility company Rapido plans to raise Rs. 125 crore (~$15 million) from Nexus Ventures as a part of its Series E funding round.
- Rapido raises Rs. 125 Crore from Nexus Ventures as part of its $200 million Series E funding round targeting a $1.1 billion valuation.
- Rapido enters the food delivery market and is set to challenge Swiggy and Zomato with a fixed-fee model for restaurant partners.
- Mobility startup Rapido reports 46.3 percent YoY growth, with FY24 revenue of Rs. 648 crore and 4 million daily rides milestone.
The company has now received a special resolution of its board to issue of 23,872 Series E preference shares, at an issue price of Rs. 52,467 per share to raise Rs. 125 crore or $15 million, a regulatory document filed by the company, which has been made available via the Registrar of Companies shows.
Rapido is to raise $200 million in its Series E, which would lead to an assessment of $1.1 billion for Rapido, and follows the Rs. 250 crore investment into Rapido from Prosus, who was also involved in the Series E fundraise.
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Rapido will enter the food delivery market through a new service to be offered to restaurants, charging a fixed fee per order, and is now looking to compete against Swiggy and Zomato, which is owned by Eternal, says a report by Reuters.
On May 24, 2025, Rapido claimed to have completed 4 million rides in a single day. It now typically completes 3.5 million rides per day.
With its aggressive expansion into last-mile mobility and hyperlocal delivery, Rapido saw growth of 46.3 percent year-on-year, and revenues came in at Rs. 648 crore in the fiscal year ending March 2024. The company positioned itself as a leading mobility tech startup in India.
