Swiggy Sells Entire 12% Stake in Rapido for ₹2,400 Crore

In a major corporate development in India’s startup ecosystem, Swiggy, one of the leading food delivery and quick-commerce platforms, has announced its complete exit from Rapido, the popular bike-taxi and mobility startup. The Bengaluru-based company sold its entire 12% stake for a massive ₹2,399 crore, more than doubling Rapido’s valuation compared to its last funding round in 2024.

According to an exchange filing, Swiggy will transfer 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. This is categorized as a related-party transaction since Prosus and its affiliates already hold a 23.31% stake in Swiggy.

Additionally, 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. Unlike the Prosus deal, this transaction is not related-party.

With this move, Swiggy has completely exited its investment in Rapido, cashing out at a time when India’s mobility and ride-hailing sector is witnessing strong investor interest. The deal pegs Rapido’s valuation at approximately $2.3 billion, a steep rise from its $1.1 billion valuation during the last funding round. Reports from Moneycontrol suggest the valuation could even be between $2.7 billion and $3 billion.

This strategic exit allows Swiggy to reallocate capital and sharpen its focus on its food delivery services, grocery delivery through Instamart, and its quick-commerce vertical. Meanwhile, Rapido, backed by Prosus and Westbridge, gains stronger financial support to expand its footprint in the ride-hailing, last-mile delivery, and shared mobility market across India.