MUMBAI, Feb. 11 -- The three co-founders of ride-hailing platform Rapido-Aravind Sanka, Pavan Guntupalli and Rishikesh S R-have shed their promoter tags, with the company's board approving a proposal in August last year to reclassify them as non-promoter shareholders, according to a regulatory filing reviewed by Mint.

The reclassification is an exercise in preparation for Rapido's public market debut in FY27, said an investor aware of the company's plans.

"The company will soon start its IPO process and hire bankers," the investor said on condition of anonymity.

Rapido follows other new-age companies where founders were reclassified as non-promoters to ease their compliance burden after listing, with benefits ranging from favourable bo...