Urban mobility platform Rapido has raised Rs. 125 crore (approximately $15 million) from Nexus Venture Partners, as part of an ongoing funding round that pegs the company’s valuation at $1.1 billion. The development was revealed in a recent filing with the Registrar of Companies (RoC).
The fresh capital comes as Rapido prepares to enter the food delivery segment, with a pilot launch expected this month. In a bid to attract restaurant partners, Rapido is expected to offer lower commission rates — between 8% and 15%, significantly undercutting existing players like Zomato and Swiggy, whose commissions typically range from 16% to 30%.
Currently, Rapido fulfills 3 to 3.5 million daily orders across its mobility and hyperlocal logistics verticals, marking significant traction in India’s competitive urban mobility market.
On the financial front, Rapido reported a 46% year-on-year growth in operating revenue, reaching Rs. 648 crore in FY24. It also managed to reduce its net loss by 45%, bringing it down to Rs. 371 crore, compared to Rs. 674 crore in FY23 — reflecting improved operational efficiency and service diversification.
