New Delhi, May 24 -- Rapido recently closed a $240 million funding round led by Prosus, valuing it at $3 billion. The capital injection underscores a shift in India's ride-hailing market, long dominated by Uber and Ola.

Uber continues to hold its leadership position with a 45-50% market share, but Ola is steadily losing ground, with Rapido emerging as the biggest challenger.

In a podcast last year, Uber's global CEO Dara Khosrowshahi described Rapido as the company's toughest local competitor. Rapido's rise owes much to deliberate strategy and execution; Ola's decline, to a large extent, has been self-inflicted.

Beyond competitive pressures, all ride-hailing companies are also grappling with mounting regulatory scrutiny.

Rapido began ...