Accel backs Uber rival Rapido as Prosus boosts stake

Accel backs Uber rival Rapido as Prosus boosts stake

Accel has invested in Rapido, the ride-hailing platform competing with Uber in India, while Prosus has elevated its stake, after Indian two-wheeler large TVS Motor bought its complete holding.

On Thursday, TVS Motor said in a inventory trade submitting (PDF) that it has bought its complete stake in Rapido for ₹2.88 billion (about $32 million) to Accel and Prosus’ funding unit, MIH Investments, securing a return of more than 152% over the past three years.

Founded in 2015, Rapido has grown right into a major participant in India’s ride-hailing market, competing with Uber, Ola, and InDrive. The company started with bike taxis before increasing into auto-rickshaw bookings and automotive companies, and has also added courier companies to its platform. It has more not too long ago been piloting a food-delivery service in choose cities, getting into a section dominated by Swiggy and Zomato.

TVS Motor first invested in Rapido in April 2022 as a part of the company’s $180 million Series D round, becoming a member of current backers such as WestBridge Capital, Shell Ventures and Nexus Venture Partners. The automaker purchased its stake at that time for ₹1.14 billion, according to its earlier investor disclosures (PDF).

As a part of the latest transaction, Accel bought 11,997 desire shares in Rapido, while Prosus acquired 11,988 desire shares and 10 fairness shares. Both traders paid about ₹1.44 billion (roughly $16 million) each.

Accel’s backing of Rapido marks a return to India’s ride-hailing sector for the agency, which was an early investor in Ola. The transfer comes as Rapido is in talks with Accel and Prosus for a new main funding round that might shut next 12 months, according to two people accustomed to the matter who spoke to TechCrunch. The precise funding measurement has yet to be decided.

Prosus is already an investor in Rapido and expanded its stake by another secondary share sale in September, when Swiggy bought its complete holding. That transaction doubled Rapido’s valuation to $2.3 billion, TechCrunch reported.

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Accel and Prosus are also early backers of Swiggy, which exited Rapido after citing a possible battle of curiosity, as the ride-hailing startup ready to broaden into the food-delivery market.

Accel and Prosus didn’t reply to requests for remark. Rapido couldn’t be reached for remark.

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