Prosus to invest $180 million in Rapido at $2.7B valuation: Report
Prosus NV is looking to spend up to $180 million to grab the largest chunk of Swiggy's 12% stake in Rapido.
If the deal goes through, Rapido's value could jump to around $2.7 billion—almost triple its $1.1 billion valuation from September last year.
Big-name investors like Nexus Venture Partners and WestBridge Capital are also eyeing a larger piece of the action.
Meanwhile, Rapido is gearing up for a Series D round
Swiggy has brought in Avendus Capital to handle the sale, while companies like TVS Motor, Yamaha Motor, and Shell International are showing fresh interest.
Since launching in 2015, Rapido has raised over $500 million and even caught Uber's CEO calling them their "fiercest rival in India."
Now, with their new food delivery service Ownly (and lower commission rates), Rapido is taking on both Swiggy and Zomato with some serious momentum.