Ride-hailing company Rapido has secured $240 million in fresh funding, pushing its valuation to $3 billion as it looks to deepen its presence in India's Tier-II and Tier-III markets where affordable transport options remain scarce, Business Standard reported .

The round was led by Prosus, with WestBridge Capital, Accel and other investors also participating. The fundraise is part of a larger $730 million primary and secondary financing package.

Rapido plans to use the capital to scale operations in high-growth smaller cities while continuing to strengthen its footprint in major metros.

"At Rapido, we've always believed that the true measure of mobility is not only the rides completed but also livelihoods created. This investment is about accelerating our ability to unlock both structurally," said co-founder Aravind Sanka. "We are going deeper into markets where demand exists but supply remains fragmented. We will sharpen our focus on strengthening supply, building technologies, and expanding our multi-modal footprint, with far greater speed and intent."

Ashutosh Sharma, head of India ecosystem at Prosus, called mobility the "foundational layer" of India's digital economy. "Our investment reflects a strong conviction in Rapido's ability to scale sustainably while addressing real, large-scale challenges around access and livelihoods," said Sharma.

WestBridge Capital co-founder Sumir Chadha noted that "Rapido's focus on affordability, efficiency and driver empowerment continues to resonate strongly with consumers."

Accel partner Abhinav Chaturvedi said the company has "demonstrated a remarkable ability to organise both demand and supply across highly fragmented markets."