Nexus Venture to invest Rs 125 crore in Rapido ahead of food delivery launch
Nexus Venture Partners
will invest Rs 125 crore (around $15 million) in
Rapido
as a part of a larger financing round last year that valued it at $1.1 billion, the urban mobility platform said in a filing with the Registrar of Companies (RoC).
The fund infusion comes ahead of Rapido's foray into food delivery, for which it plans to launch a pilot this month. ET has reported earlier that Rapido is looking to challenge the dominance of Eternal's
Zomato
and
Swiggy
in food delivery. The latter holds a 12% stake in Rapido.
According to agreed terms with industry body National Restaurants Association of India (NRAI), Rapido is expected to charge commissions in the range of 8-15% from restaurants, compared to 16-30%
Zomato
and
Swiggy
charge, ET reported on Monday.
Rapido's $200-million funding round last year was led by WestBridge Capital. This was followed by a $30-million investment by Dutch investor Prosus, which is also a large investor in Swiggy.
Rapido is also chalking out plans to enter the insurance distribution space where it could target its driver partners and customers for products such as health, life, general and motor insurance.
In fiscal 2025, Rapido's gross order value (GOV) more than doubled to $1.25 billion on the back of growth in its
ride-hailing services
.
Over the last year, the company, which started off as a bike-taxi platform, expanded into four-wheeler ride-hailing, taking on Uber and Ola.
The company is growing its market share, currently fulfilling 3-3.5 million orders per day across two-, three- and four-wheeler rides and hyperlocal logistics.
ET reported on May 23 that as a result of its chase for growth and entry into new spaces, Rapido's monthly cash burn touched $4-5 million, or about Rs 35-42 crore, in 2025 – a sharp departure from last year's efforts to rein in losses. During the July–September 2024 quarter, the company had narrowed its losses to Rs 17 crore from Rs 74 crore in the same period the year before.
In FY24, the ridesharing platform posted a 46% rise in operating revenue to Rs 648 crore on account of its entry into new businesses and increased customer bookings. The company also narrowed its net loss by 45% to Rs 371 crore from Rs 674 crore in FY23.
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