Swiggy sells stake in Rapido at $2.3 billion valuation
Swiggy has sold its entire 12% stake in Rapido for ₹2,400 crore (about $270 million), pushing Rapido's valuation up to $2.3 billion—double what it was a year ago.
The deal was approved this week, pending regulatory and shareholder approvals, with MIH Investments and WestBridge Capital picking up the shares.
MIH Investments and WestBridge Capital are new investors in Rapido
MIH Investments grabbed the majority of Swiggy's 12% stake in Rapido for ₹1,968 crore ($222 million), while WestBridge Capital took the rest for ₹432 crore ($49 million).
This gives Rapido more backing as it goes head-to-head with Uber as one of India's leading bike taxi and auto-rickshaw apps.
Rapido is now a food delivery player too
Rapido isn't just about rides anymore—it launched a food delivery pilot in Bengaluru this August through its subsidiary Ownly, stepping into a space led by Swiggy and Zomato.
The company keeps finding new ways to grow beyond just ride-hailing.