Dutch investment powerhouse Prosus is reportedly in advanced discussions to invest USD 200 million (~INR 1,750 crore) into Indian ride-hailing platform Rapido, a deal that could value the Bengaluru-based startup at USD 2.5–2.7 billion (~INR 23,800). This marks a sharp surge from Rapido’s USD 1.1 billion (~INR 9,700 crore) valuation in December 2024, underscoring its rapid rise in India’s mobility and delivery markets.
Prosus-Rapido Deal Structure: Primary, Secondary, or Both?
According to multiple reports, Prosus’ proposed investment may take the form of:
- A direct primary capital infusion,
- A secondary purchase of shares from existing investors,
- Or a hybrid of both, which could enlarge the round’s total size.
This would increase Prosus’ stake in the company, currently pegged at 3–4%, following an earlier approval by Rapido’s board in February 2025 to issue 47,743 Series E CCPS worth INR 250 crore to the investor.
Swiggy Eyes Exit
The funding talks coincide with Swiggy’s planned exit from Rapido. Swiggy, which invested USD 120 million (~INR 1,058 crore) in 2022 to acquire a 12% stake, is preparing to sell its entire holding. The move, expected to raise around USD 300 million (~INR 2,500 crore), is strategically driven by Rapido’s entry into the food delivery space—a direct overlap with Swiggy’s core business.
The company recently launched its food delivery platform “Ownly” in Bengaluru, currently piloted across areas like Koramangala, HSR Layout, and BTM Layout. This expansion positions Rapido to compete not just in mobility, but also in India’s hyper-competitive food delivery market.
Growth Metrics: Surging GMV and User Base
Rapido’s operating scale has accelerated sharply:
- Gross Merchandise Value (GMV): Surpassed USD 2 billion, doubling within a year.
- Monthly Active Users: 5 crore, outstripping Uber India’s 3 crore.
- Competitive Edge: Uber’s CEO Dara Khosrowshahi recently acknowledged Rapido—not Ola—as Uber’s biggest rival in India.
Financial Performance: Revenue Up, Losses Down
For FY24, the company delivered a strong financial improvement:
- Revenue: INR 648.1 crore, up 1.5x from INR 443 crore in FY23.
- Losses: Cut by more than 45%, from INR 675 crore in FY23 to INR 370 crore in FY24.
Since its inception in 2015, Rapido has raised over USD 500 million (~INR 4,410 crore) from investors such as WestBridge Capital and Nexus Venture Partners.
Prosus’ India Strategy
The deal reflects Prosus’ long-term confidence in India’s digital economy.
- Prosus has invested USD 8.6 billion across 30+ Indian startups since entering the market in 2015.
- The firm has been bullish on IPO prospects, with Prosus CEO Fabricio Bloisi stating in June 2025 that the group is eyeing at least five new public listings from its portfolio.
- Recent moves include additional funding into PayU’s credit business (INR 302 crore) and participation in telecom startup WIOM’s USD 35 million round.
Outlook
If the deal goes through, Rapido’s shareholding will change significantly—Prosus will increase its stake and Swiggy will exit. For Rapido, fresh capital and consolidation of investors will help accelerate its play in mobility and food delivery and set the stage for future fundraising or even IPO.
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