Indian ride-hailing giant Rapido has secured a hefty $240 million funding round to broaden its reach and deepen market penetration. Valued at $3 billion, the influx from investors including Prosus will enable Rapido to focus on developing driver networks in high-demand areas, enhancing technology for efficiency, and exploring new modes of transport.

Co-founder Aravind Sanka asserts that the company aims to address fragmented supply in growing markets. 'We are sharpening our focus on strengthening supply, building technologies, and expanding our multimodal footprint,' he stated in a press release.

The round comes hot on the heels of Uber's expansion plans in India, including new tech campuses and data center partnerships. Earlier this year, Uber pumped $330 million into its Indian subsidiary amid growing competition from local rivals like Ola and Rapido. In 2021, Rapido overtook Ola as Uber's biggest competitor in the country.

Rapido has proven resilient in a market plagued by intense price wars, supply chain issues, and high driver incentives. The startup has also ventured into food delivery via its subsidiary Ownly, further diversifying its services.