Swiggy to exit Rapido in ₹2,400-crore stake sale deal
Swiggy's stake sale pegs Rapido's valuation at about $2.3 billion as against $1.1 billion during its last round of funding in 2024.
Swiggy Ltd. has decided to exit Rapido in a stake-sale deal that more than doubles the valuation of the mobility startup.
The listed quick-commerce company will sell 10 equity shares and 1,63,990 compulsorily convertible preference shares of Rapido operator Roppen Transportation Services Pvt. Ltd. to Prosus Group’s MIH Investments One BV for ₹1,948 crore, according to an exchange filing on Tuesday. This is a related-party transaction since Prosus Group and its associates are the largest shareholders in Swiggy with a 23.31% stake.
Separately, Swiggy will sell 35,958 Series D compulsorily convertible shares to Westbridge Capital LLC's Setu AIF Trust—a SEBI-registered alternative investment fund—for ₹431.5 crore. This is not a related-party transaction.
Prosus and Westbridge are also investors in Rapido.
In sum, Swiggy is offloading its entire 12% stake in Rapido for a total of ₹2,399 crore. That deal pegs Rapido’s valuation at about $2.3 billion as against $1.1 billion during its last funding round in 2024, according to ETtech. Moneycontrol pegs that figure at $2.7-3 billion.
Swiggy’s stake sale in Rapido comes at a time when the Sriharsha Majety-led company is bracing for a quick-commerce battle with Eternal Ltd.’s Blinkit, Zepto, and Rapido during the upcoming festive season. That needs cash.
As on 30 June 2025, Swiggy had ₹5,354 crore in cash on its books. Earlier in September, Swiggy raised its platform fee for the third time in three weeks to ₹15/order. With 20 lakh orders a day, that alone would add ₹3 crore daily to Swiggy topline.
ALSO READ | How Swiggy May Get ₹2,500-Crore Delivery From Rapido
In the quarter ended 30 June, Swiggy posted a loss that widened to ₹1,197 crore even as operating revenue increased 54% year-on-year to ₹4,961 crore.
On Tuesday, Swiggy shares fell 0.04% to ₹449.15 apiece on the BSE even as the benchmark Sensex ended the day 0.07% lower at 82,102.10 points.
