India, Feb. 11 -- Ride-hailing major Rapido is raising INR 250 Cr (about $28.9 Mn) from Prosus in what seems like its ongoing Series E round.

Prosus is acquiring a 2.9% stake in the startup at the same valuation at which it became a unicorn in July last year by raising $120 Mn (about INR 1,000 Cr) from existing investor WestBridge Capital.

According to Rapido's regulatory filings, its parent Roppen Transportation Services Pvt. Ltd approved the issuance of 47,743 Series E Compulsorily Convertible Preference Shares (Series E CCPS) to Prosus at an issue price of INR 52,467 per share, along with one equity share at the same price.

The investment will be made through Prosus' investment vehicle, MIH Investments One B.V..

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