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Ride-hailing platform Rapido has raised ₹125 crore in fresh funding from Nexus Venture Partners, according to recent regulatory filings with the Registrar of Companies. The funding is part of a larger round that reportedly values the company at $1.1 billion.
This new capital injection comes as Rapido prepares to expand beyond transportation and into the competitive food delivery market. The company plans to launch a pilot food delivery service in Bengaluru later this month. To attract restaurant partners, Rapido is offering commission rates between 8% and 15%, significantly lower than the 16–30% charged by market leaders Zomato and Swiggy.
The move marks a strategic diversification for Rapido, which has steadily evolved from a bike taxi startup into a full-fledged mobility platform offering auto and car ride options. The company’s aggressive growth strategy includes plans to expand operations to 500 more cities, directly challenging established players like Ola and Uber.
Rapido's financials reflect its upward trajectory. In FY24, the company reported a 46% year-on-year jump in operating revenue to ₹648 crore. It also made notable progress toward profitability, cutting its net loss by 45% to ₹371 crore, compared to ₹674 crore in FY23.
This latest round follows Rapido’s previous funding milestones, including a $200 million round led by WestBridge Capital and an additional $30 million from Prosus, which also backs Swiggy. Rapido’s gross order value (GOV) for FY25 surged to $1.25 billion, more than doubling year-on-year, fueled by growing adoption of its mobility services.
With its eyes now set on the food delivery space, Rapido appears poised to disrupt yet another high-growth sector.
