"Accel has invested in Rapido, the ride-hailing platform competing with Uber in India, while Prosus has increased its stake, after Indian two-wheeler giant TVS Motor sold its entire holding. On Thursday, TVS Motor said in a stock exchange filing (PDF) that it has sold its entire stake in Rapido for ₹2.88 billion (about $32 million) to Accel and Prosus' investment unit, MIH Investments, securing a return of more than 152% over the past three years."
"Founded in 2015, Rapido has grown into a major player in India's ride-hailing market, competing with Uber, Ola, and InDrive. The company began with bike taxis before expanding into auto-rickshaw bookings and car services, and has also added courier services to its platform. It has more recently been piloting a food-delivery service in select cities, entering a segment dominated by Swiggy and Zomato."
Accel and Prosus purchased TVS Motor’s entire Rapido holding for ₹2.88 billion (about $32 million), giving TVS a return exceeding 152% over three years. TVS had bought its stake in April 2022 for ₹1.14 billion as part of Rapido’s $180 million Series D. Accel acquired 11,997 preference shares, while Prosus took 11,988 preference shares and 10 equity shares; both paid about ₹1.44 billion each. Rapido, founded in 2015, expanded from bike taxis into auto-rickshaw and car bookings, courier services, and a pilot food-delivery service. Rapido is pursuing a new primary funding round that could close next year.
Read at TechCrunch
Unable to calculate read time
Collection
[
|
...
]