rapido

New Delhi, Aug 27 (PTI) Bike-taxi firm Rapido has raised over Rs 390 crore in a new round of funding with participation from Westbridge and Nexus Ventures.

Led by Westbridge, the round also saw participation from Bace Fund, Astrend India Investment and Sabre Investment, as per regulatory documents filed by Roppen Transportation Services (which operates Rapido) with the Ministry of Corporate Affairs.

The round involved issue of 11 equity shares (at a premium of about Rs 1.37 lakh each) and 28,387 series B compulsory convertible preference shares at a premium of Rs 1,37,592 each in cash, it added.

The proposal was approved at the company’s extra ordinary general meeting by shareholders of Roppen Transportation Services on August 19, the documents showed.

The company declined to comment on the matter.

Rapido, which allows users to book rides on bike-taxis, began operations in 2015 and operates in many cities in India, including Bengaluru, Hyderabad, Gurugram, Patna and Madurai. PTI SR MBI

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