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Ride-hailing app Rapido is raising Rs 250 crore in its Series E round from global tech investor Prosus, according to a Registrar of Companies filing.
Rapido's board has approved issuing 47,743 Series E preference shares at Rs 52,467 each to raise Rs 250 crore ($29.7 million).
With this investment via MIH Investments One B.V., Prosus will acquire a 2.9% stake in Rapido.
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Rapido is raising $200 million in its Series E round at a $1.1 billion valuation. It has already received two tranches: $120 million and $29.7 million.
Rapido's revenue reached Rs 648 crore in FY24, growing 46.3% year-on-year. It also cut losses by 45% to Rs 371 crore.
Rapido's gross order value (GOV) reached Rs 2,461 crore in Q2 FY25, up from Rs 977 crore a year ago. GOV is the total value of all orders before deductions.
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