Swiggy sells ₹2,400-crore Rapido stake to Prosus, WestBridge, exits with 2.5x gains

Core Insights - Swiggy has fully divested its ₹2,400 crore stake in Rapido, selling shares to Prosus NV and WestBridge Capital [1][2] - The exit from Rapido, which Swiggy invested in for over three years, marks a significant financial return, valuing Rapido at approximately $2.5–2.7 billion [3] Company Actions - The transaction involved Prosus's subsidiary MIH Investments One B.V. acquiring shares worth ₹1,968 crore, while WestBridge Capital acquired ₹431.5 crore [1][2] - The deal is pending customary approvals from the Competition Commission of India and Swiggy's shareholders [2] Financial Performance - Swiggy's initial investment in Rapido was $180 million (around ₹1,350 crore) in April 2022, with a valuation of $1.1 billion at that time [3] - Rapido's revenue increased to ₹648 crore in FY24 from ₹443 crore in FY23, while losses narrowed to ₹371 crore from ₹675 crore [5] - Swiggy reported a net loss of ₹1,197 crore in the June 2025 quarter, despite a 54% year-on-year revenue increase to ₹4,961 crore [6] Market Dynamics - Rapido has expanded its services beyond two-wheeler ride-hailing to include autos, cars, and food delivery, aiming to disrupt the food-tech market by offering lower commissions [3] - The food delivery market in India remains dominated by Zomato and Swiggy, holding 54% and 46% market shares respectively, with new entrants unlikely to significantly alter this duopoly [4]