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Food delivery and instant grocery platform Swiggy on Tuesday said it has approved the sale of its entire 11.8 per cent stake in mobility platform Rapido. The company will sell its shares to Prosus and WestBridge Capital for Rs 2,400 crore, according to stock exchange filings. Both Prosus and WestBridge Capital are existing investors in Rapido.
According to the filing, Prosus will acquire shares worth Rs 1,968 crore in Rapido, while WestBridge Capital will pick up the remaining stake valued at Rs 431.5 crore.
The development comes as Rapido has entered the food delivery segment with its “Ownly” app, which is currently live in Bengaluru. The company also recently signed a Memorandum of Understanding with the National Restaurants Association of India (NRAI), which represents over 50,000 eateries.
Swiggy has secured a strong return on its Rapido investment in around three years. The company had invested Rs 1,020 crore in April 2022 and has gained more than 2.5 times. During its Series D round, Rapido had also received funding from TVS Motor Company, WestBridge, Shell Ventures and Nexus Ventures.
According to data from market intelligence platform Tracxn, Rapido’s founders currently hold an 11.4 per cent stake, WestBridge owns 19 per cent, Nexus Venture Partners 9.8 per cent, and Prosus around 2.7 per cent.
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