Ride-hailing unicorn Rapido to raise Rs.250-Cr from Prosus

Bengaluru-based ride-hailing unicorn Rapido is raising INR 250 crore (about USD 28.9 million) from Prosus Ventures in a Series E round of funding. Roppen Transportation Services Pvt Ltd, which owns Rapido, would issue 47,743 Compulsorily Convertible Preference Shares (CCPS) to Prosus at INR 52,467 per share. The investment will be made through Prosus’ investment vehicle, MIH Investments One B.V.Prosus is acquiring a 2.9% stake in the startup at the same valuation at which it became a unicorn in July last year by raising USD 120 million (about INR 1,000 crore) from existing investor WestBridge Capital.