Leading ride-hailing startup Rapido has raised $240 million (approximately Rs 2,302 crore) in new funding led by Process, Westbridge Capital and Accel. The investment is part of a larger $730 million fundraising that values ​​the company at $3 billion (3 billion). Swiggy and TVS Motor had earlier sold their stakes in Rapido to existing investors.

The company plans to use the money to enter new markets, expand its driver network, improve technology and hire new employees. Apart from regular travel services, Rapido has now expanded its services to new areas such as food delivery and metro ticket booking, as well as flight, hotel, bus and train ticket bookings.

The company is also performing well in financial terms. Rapido's revenue grew by 44.2% to Rs 934.4 crore in the last financial year, while its overall financial loss narrowed by 30.3%. Rapido competes mainly with giants like Ola and Uber in India. With Uber recently making a huge investment of Rs 3,000 crore in India and planning to set up a data centre in partnership with the Adani Group, this fresh fund-raising will give Rapido a major boost in the market.