New Delhi: Swiggy has sold its entire 12% stake in mobility startup Rapido for about Rs 2,400 crore, marking a full exit from the company at a time when investor interest in India’s ride-hailing sector is rising.
According to regulatory filings, Swiggy transferred 10 equity shares and 1,63,990 compulsorily convertible preference shares of Roppen Transportation Services Pvt. Ltd., Rapido’s parent company, to Prosus Group’s MIH Investments One BV for Rs 1,948 crore. Since Prosus and its affiliates already hold 23.31% in Swiggy, this is classified as a related-party transaction. In a separate deal, Swiggy sold 35,958 Series D shares to Setu AIF Trust, managed by WestBridge Capital, for Rs 431.5 crore.
The transaction values Rapido at around $2.3 billion, more than double its $1.1 billion valuation in 2024. Reports suggest the company’s valuation could even range between $2.7 billion and $3 billion, underscoring renewed investor appetite in the mobility and last-mile delivery space.
For Swiggy, the exit provides liquidity and allows sharper focus on its core business lines — food delivery, grocery delivery through Instamart, and quick-commerce operations. The timing of the exit also coincides with rising competition in quick commerce and a phase of capital reallocation by large tech platforms.
For Rapido, the deals strengthen backing from Prosus and WestBridge Capital, two of its major investors, giving the company a stronger capital base as it scales operations in ride-hailing, last-mile logistics, and shared mobility.
The exit signals both a consolidation of Swiggy’s business priorities and growing confidence among investors in India’s expanding urban mobility sector.
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