Indian ride-hailing company Rapido has raised $240 million in funding at a $3 billion valuation, marking a significant milestone for the Uber competitor in one of the world's largest mobility markets.

The Bangalore-based company has differentiated itself from global ride-hailing giants by focusing on lower-cost and more flexible transportation options including motorcycles and autorickshaws, vehicles that are particularly well-suited to India's dense urban environments and price-sensitive consumer base.

Rapido's growth strategy has centered on enabling ride-hailing services for these alternative modes of transport, which offer faster navigation through congested city streets and lower fare options compared to traditional car-based services. The company's platform connects riders with drivers operating two-wheelers and three-wheelers.

The funding round reflects growing investor interest in India's mobility sector, where local companies have gained market share by adapting their services to local transportation preferences and economic conditions. India's ride-hailing market has seen intense competition between international players like Uber and domestic companies that have tailored their offerings to local needs.

The $3 billion valuation positions Rapido as one of the more valuable startups in India's transportation technology sector, as the company continues to expand its presence across Indian cities.