In a stake-sale agreement that more than doubles the mobility startup’s valuation, Swiggy Ltd. has chosen to leave Rapido. According to an exchange filing on Tuesday, the listed quick-commerce company would sell 1,63,990 compulsorily convertible preference shares and 10 equity shares of Rapido operator Roppen Transportation Services Pvt. Ltd. to MIH Investments One BV of the Prosus Group for ₹1,948 crore. With a 23.31% holding in Swiggy, Prosus Group and its affiliates are the company’s top shareholders, making this a related-party transaction. In addition, Swiggy will pay ₹431.5 crore to Westbridge Capital LLC’s Setu AIF Trust, a SEBI-registered alternative investment vehicle, for 35,958 Series D compulsorily convertible shares. This transaction does not involve a related party. Westbridge and Prosus are also Rapido investors.
For a total of ₹2,399 crore, Swiggy is selling off its whole 12% share in Rapido. According to ETtech, that transaction values Rapido at roughly $2.3 billion, up from $1.1 billion in its most recent investment round in 2024. Moneycontrol estimates that amount to be between $2.7 and $3 billion. Swiggy’s sale of its Rapido stock coincides with the company, helmed by Sriharsha Majety, preparing for a quick-commerce war with Zepto, Blinkit, and Rapido of Eternal Ltd. during the approaching holiday season. That requires money.
Swiggy had ₹5,354 crore in cash on hand as of June 30, 2025. For the third time in three weeks, Swiggy increased its platform fee to ₹15 per order earlier in September. With 20 lakh orders each day, Swiggy’s top line would increase by ₹3 crore every day. Despite a 54% year-over-year growth in operational revenue to ₹4,961 crore, Swiggy reported a loss that grew to ₹1,197 crore in the quarter that ended on June 30. Swiggy’s stock dropped 0.04% to ₹449.15 on the BSE on Tuesday, despite the benchmark Sensex closing the day 0.07% lower at 82,102.10 points.
