"Rapido, a popular ride-hailing platform in India that competes with Uber, has doubled its valuation to $2.3 billion following a secondary share sale by food delivery giant Swiggy. The share sale comes just weeks after Rapido began piloting food deliveries, edging into Swiggy's core territory. Swiggy has offloaded its entire 12% stake in Rapido for ₹24 billion (about $270 million) through two separate deals, according to regulatory filings."
"Around 10% of the stake is being acquired by Prosus for ₹19.68 billion (roughly $222 million), while the remaining stake is being sold to WestBridge Capital for ₹4.31 billion (about $49 million), according to regulatory filings released after Swiggy's board meeting on Tuesday. The Dutch investment group Prosus is already a common backer of both Swiggy and Rapido, and is the largest shareholder in Swiggy."
Swiggy sold its entire 12% stake in Rapido for ₹24 billion (~$270 million) through two separate deals, with Prosus acquiring about 10% and WestBridge Capital buying the remainder. Prosus is a common investor in both Swiggy and Rapido and is Swiggy's largest shareholder. The transaction values Rapido at $2.3 billion, more than double its $1.1 billion valuation from September 2024. Rapido has begun piloting food deliveries in Bengaluru via its subsidiary Ownly, entering a market dominated by Swiggy and Zomato. Rapido previously partnered with Swiggy as a last-mile delivery provider, gaining operational insights from that relationship.
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