Indian ride-hailing platform Rapido has raised $240 million in a new funding round, boosting its valuation to $3 billion. The equity financing was led by Prosus, with participation from existing investors WestBridge Capital and Accel. This funding is part of a larger $730 million package, combining primary and secondary funding. Rapido plans to use the capital to expand in high-growth markets, enhance its driver network, and invest in technology and operational efficiency. Founded in 2015, Rapido operates in over 400 cities across India, initially focusing on low-cost transportation options like motorcycles and tuk-tuks. The company has since expanded into more tier-two and tier-three cities, becoming a major competitor to Uber in the Indian market. Despite challenges such as price competition and regulatory changes, investor interest in India's mobility sector remains robust. Rapido's recent entry into the food delivery sector through its subsidiary Ownly further diversifies its business.