Indian ride-hailing startup Rapido has raised $240 million in a funding round led by Prosus at a $3 billion valuation, up from $2.3 billion last year. The round is part of a larger $730 million primary and secondary financing involving WestBridge Capital and Accel. Rapido, founded in 2015, operates in over 400 cities and differentiates itself by offering lower-cost transport options like motorbikes and autorickshaws. The company plans to use the capital to expand into high-growth markets, strengthen its driver network, and invest in technology. Rapido has reportedly overtaken Ola as Uber's biggest competitor in India, a market where Uber recently committed $330 million to its local subsidiary and announced two new technology campuses.
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