US-based Accel Leaders Fund may join Rapido’s $600 million round: Sources

The US-based Accel Leaders Fund, a growth-stage vehicle, is likely to join the ongoing $550-600 million financing round for urban mobility startup Rapido, two people familiar with the matter told ET.

The round, being led by Dutch technology investor Prosus, will value Rapido at around $3 billion. ET had reported about this larger fundraise in September.

Along with the two investors, Accel’s India outfit is also participating in the transaction, which includes both primary and secondary components. Prosus and Accel India have also picked up stake in Rapido from food and grocery delivery firm Swiggy, which owned 12% of the bike taxi startup. Rapido’s existing backer WestBridge Capital is also investing in this round.