Food tech firm Swiggy has divested its entire 11.8% holding in Rapido, selling shares to Dutch investment firm Prosus NV and WestBridge Capital. Of the total transaction valued at ₹2,400 crore, Prosus’s subsidiary MIH Investments One B.V. acquired shares worth ₹1,968 crore, while WestBridge Capital picked up the remaining ₹431.5 crore portion, as shown in exchange filings on Tuesday evening.
The deals were executed on an arm’s length basis and await customary approvals, including from the Competition Commission of India (CCI) and Swiggy’s shareholders. Both Prosus and WestBridge are existing investors at the ride-hailing startup.
Swiggy had earlier stated that it would re-evaluate its investment in ride-hailing startup Rapido, citing a potential conflict of interest as the mobility company recently entered the food delivery space.
Rapido entered into food delivery in June through a pilot called ‘Ownly’ in Bengaluru, charging restaurants a fixed fee per order. A proposal shared with restaurants shows that Rapido is positioning itself as a zero-commission, value-focused alternative to Swiggy and Zomato.
Rapido recently signed a Memorandum of Understanding with the National Restaurants Association of India (NRAI), which represents over 50,000 eateries.
Swiggy invested in Rapido in 2022. It held about a 12% stake in Rapido which was valued at around Rs 1,020 crore before the stake sale. The ride-hailing company, which competes with Ola and Uber, has raised around $600 million so far.
The fresh transactions also lift Rapido’s valuation to over ₹20,000 crore, a significant jump from its last valuation of about ₹8,500 crore, which it achieved in a 2024 fundraise.
For Swiggy, the divestment provides liquidity. “As a strategic decision, the transaction will help to realise the investments of the company, for the benefit of the company and its shareholders," Swiggy wrote in an exchange notification.
The company, which competes with Zomato, posted a net loss of ₹1,197 crore in the June 2025 quarter, double the previous year, even as revenues surged 54% year-on-year to ₹4,961 crore.