Rapido To Raise INR 125 Cr From Nexus Ahead of Food Delivery Launch Under 'Ownly'

Bengaluru, India — Ride-hailing platform Rapido is raising INR 125 Cr (approximately $15 Mn) from Nexus Venture Partners as part of its Series E round, according to recent filings with the Registrar of Companies (RoC). The startup’s board approved the issuance of 23,872 Series E CCPS at INR 52,467 per share on May 18. This fresh infusion comes just months after it secured INR 250 Cr (approx. $28.9 Mn) from Prosus, and buildsoon the $200 Mn (INR 1,660 Cr) raised in September 2023 from WestBridge Capital, which pushed Rapido into the unicorn club at a $1.1 Bn valuation.

Founded in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR, Rapido started with bike-taxi services and has since expanded into auto-rickshaw and cab services, positioning itself as a full-stack mobility provider rivaling Ola and Uber.

With its upcoming food delivery vertical branded as ‘Ownly’, Rapido is gearing up to challenge Zomato and Swiggy, the duopoly dominating India’s foodtech space. According to a report by Inc42, the pilot launch of Ownly is scheduled for this month.

What sets Rapido apart is its zero-commission promise to restaurant partners—a significant departure from the 16–30% commission fees currently charged by incumbents. Instead, restaurants will pay a fixed delivery fee per order, ranging between INR 10 and INR 25, depending on order value. Customers will also benefit from transparent pricing, with no additional platform or packaging charges—a pricing model likely to disrupt the current customer experience.

The market has already begun reacting. Zomato shares dropped 1.95%, closing at INR 256.85, while Swiggy’s parent shares fell 2.74% to INR 364.5 on the BSE today, indicating investor caution over Rapido’s aggressive entry.

Financially, Rapido has shown strong signs of stabilization. In FY24, the company reduced its net loss by over 45% to INR 370 Cr, down from INR 675 Cr in FY23. Its operating revenue grew 1.5x to INR 648.1 Cr, compared to INR 443 Cr in the previous year.

As Rapido positions itself at the crossroads of urban mobility and food delivery, its strategic funding and innovative commission-free model could mark a seismic shift in India’s on-demand services landscape.