Rapido's early backers look to sell shares worth Rs 100 crore

Some angel investors in urban mobility startup Rapido are selling a stake worth Rs 100 crore as part of a larger ongoing secondary transaction, people aware of the matter told ET.

The sale is part of a broader $730-million funding that combines primary and secondary transactions. ET had reported in September that Rapido was stitching together such a round.

In May, the company announced a $240 million primary round led by Prosus, Accel, and WestBridge Capital at a $3 billion valuation.


The Rs 100-crore sale is being marketed to wealthy individuals through private wealth platforms, the sources said, adding that the sellers are looking to price per the last primary valuation of $3 billion, but are facing pushback from potential investors.

“Secondary transactions typically happen at a discount to primary rounds… while a valuation of $3 billion is being sought, there is pushback from investors who are willing to participate in this deal,” one of the sources said.

Responding to ET’s queries, a company spokesperson said, “Rapido recently completed a $730 million financing round, including $240 million in primary capital. As part of this transaction, Swiggy fully exited its stake in Rapido, while select early-stage investors received liquidity.” The spokesperson added that secondary transactions are typically executed between existing shareholders and incoming investors and are not necessarily facilitated by the company.

More than 90% of the secondary component of the larger transaction was sold by food and grocery delivery firm Swiggy, who invested in the company in 2022.

Several of Rapido’s investors, including New Delhi-based venture firm Advantedge, oil and gas company Shell’s corporate ventures, Chennai-based two-wheeler maker TVS Motor, and others have already either partially or fully sold their stake in the company as part of the larger secondary round. TVS exited in November 2025 by selling stake worth around $32 million to Prosus and Accel.

Advantedge, which backed Rapido in its seed stage, booked a 30-fold return on its investment when it sold a $28-million stake in the mobility company last year to Prosus. It continues to hold shares worth $60-65 million, sources said.

Rapido did not respond to ET’s queries.

Earlier, ET reported that the company’s operating revenues for the financial year ended March 2025 rose 44% to Rs 934 crore. Founded in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR, Rapido has rapidly scaled its mobility business and is challenging incumbents Uber and Ola, after years of duopoly in India’s ride-hailing market.

According to people in know of Rapido’s metrics, the company is currently facilitating more than 7 million rides daily, has a network of over 3 million drivers, operates in more than 400 cities, and serves over 74 million monthly active users.

Rapido's growth has been driven by its subscription-based model for drivers, which replaces the commission structure traditionally followed by ride-hailing platforms. The company has expanded beyond its bike-taxi roots into auto-rickshaws, cabs, logistics, and food delivery, intensifying competition with Uber and Ola in urban mobility.

In its mainstay bike-taxi segment, Rapido holds 72% market share, while it has 51% of the auto-rickshaw market. In cabs, where Uber is the market leader, Rapido has 31%. The company has also entered food delivery through Ownly, where it remains a small challenger to Zomato and Swiggy.