Swiggy to raise ₹2,500cr by selling stake in Rapido
Swiggy is looking to sell its 12% stake in ride-hailing app Rapido, aiming to raise about ₹2,500cr ($300 million).
The move comes as Rapido prepares to enter the food delivery market—potentially putting it in direct competition with Swiggy's main business.
Rapido's valuation has nearly tripled since Swiggy's initial investment
Swiggy first invested $120 million in Rapido back in 2022, when Rapido was valued at $827 million.
Since then, Rapido's value has jumped to nearly $3 billion as its business grew fast—especially with a 120% spike in how much people spend on the platform.
For Rapido, entry into food delivery could create overlap with Swiggy
Rapido now leads India's two-, three-, and four-wheeler ride-hailing scene and is taking on Uber and Ola. Its preparation to enter the food delivery market could create overlap with Swiggy, which likely pushed Swiggy to exit.
For Swiggy, which reported over ₹1,100cr in losses last quarter and has seen five straight quarters of red ink, this sale should help boost its cash reserves (₹5,354cr as of June 2025) and keep it fighting fit against rivals.
The deal is expected to close within three months.