Rapido, a ride-hailing service platform, has raised Rs 125 crore from Nexus Venture Partners, according to regulatory filings with the Registrar of Companies (RoC). According to the company, this investment is part of a broader funding round that values the company at $1.1 billion.
The latest infusion of funds comes as Rapido looks to diversify into the food delivery space, with a pilot rollout planned for later this month. As part of its strategy to attract restaurant partners, Rapido is expected to offer commission rates ranging from 8% to 15%, a more competitive structure compared to the 16–30% rates charged by incumbents such as Zomato and Swiggy. According to reports, the company has started onboarding restaurants and will run a pilot programme for the same in Bengaluru.
This development follows Rapido’s $200 million funding round led by WestBridge Capital in the previous year and an additional $30 million from Prosus, the Netherlands-based investor that also has a stake in Swiggy. In FY25, Rapido’s gross order value (GOV) rose sharply to $1.25 billion, more than doubling year-on-year, thanks to steady growth across its ride-hailing services. Initially launched as a bike taxi provider, Rapido has expanded to include auto-rickshaw and car-based options, positioning itself as a serious alternative to Ola and Uber. The company, now, is planning to expand further into 500 more cities, providing competition to the incumbents in this segment.
Financially, Rapido reported significant improvements in FY24, with operating revenue growing 46% year-on-year to Rs 648 crore. The company also made strides toward profitability, trimming its net loss by 45%, from Rs 674 crore in FY23 to Rs 371 crore, driven by service diversification and rising customer adoption.