Core Insights - Accel has invested in Rapido, a ride-hailing platform in India, while Prosus has increased its stake after TVS Motor sold its entire holding for ₹2.88 billion (approximately $32 million), achieving a return of over 152% in three years [1][3]. Company Overview - Founded in 2015, Rapido has become a significant competitor in India's ride-hailing market, initially starting with bike taxis and later expanding into auto-rickshaw bookings, car services, and courier services. Recently, it has begun piloting a food-delivery service in select cities [2]. Investment Details - TVS Motor first invested in Rapido in April 2022 during a $180 million Series D funding round, acquiring its stake for ₹1.14 billion [3]. - In the latest transaction, Accel purchased 11,997 preference shares, while Prosus acquired 11,988 preference shares and 10 equity shares, with both investors paying approximately ₹1.44 billion (around $16 million) each [4]. Market Position and Valuation - Prosus has previously expanded its stake in Rapido through a secondary share sale in September, which doubled Rapido's valuation to $2.3 billion [6]. Future Prospects - Rapido is in discussions with Accel and Prosus for a new primary funding round expected to close next year, although the exact funding size is yet to be determined [5].

Core Insights - Dutch investment firm Prosus NV plans to invest $150-180 million to acquire the largest portion of Swiggy's 12% stake in Rapido, which is expected to be valued at $2.5-2.7 billion for the stake sale [1][8] - Swiggy's 12% stake in Rapido, acquired for $180 million in April 2022, is now likely valued at over $320 million or ₹2,825 crore [1][2] - Existing investors Nexus Venture Partners and WestBridge Capital are also looking to increase their holdings in Rapido, indicating strong interest in the company [1][4] Company Valuation and Stake Sale - Rapido was previously valued at $1.1 billion during its Series E fundraising round in September 2022, which raised $200 million [2] - Swiggy's decision to re-evaluate its investment in Rapido comes as the mobility startup has entered the food-delivery segment, creating potential conflicts with Swiggy's core business [2][5] - Avendus Capital has been appointed by Swiggy to assist with the stake sale process [4] Investor Dynamics - As of June, Prosus owned approximately 2.7% of Rapido, while Nexus and WestBridge held 9.9% and 19% respectively [3] - Other investors like TVS Motor Co. Ltd, Yamaha Motor Co. Ltd, and Shell International BV are also looking to increase their stakes in Rapido [4][8] - The existing investors may receive a discount on valuation for increasing their stakes through the purchase [4] Market Position and Competition - Rapido has raised over $500 million since its inception in 2015 and is gaining recognition as a significant competitor in India's ride-hailing and food-tech markets [5][8] - The company has launched its Ownly food-delivery service, which charges restaurants in Bengaluru about half the commission of larger rivals like Swiggy and Zomato [7] - India's food-delivery market remains a duopoly, with Zomato holding a 54% market share and Swiggy 46% [9] Financial Performance - Swiggy reported a net loss of ₹1,197 crore for the June quarter, doubling year-on-year, while its revenue increased to ₹4,961 crore from ₹3,222 crore a year earlier [10]

Group 1: Berkshire Hathaway and Bill Ackman - Berkshire Hathaway has transformed from a small textile mill into a trillion-dollar company under Warren Buffett, achieving an annual stock return of 20% since 1965 [1] - Bill Ackman aims to replicate this success with Howard Hughes Holdings, planning to acquire controlling interests in quality businesses, with Pershing Square Capital Management holding a 46.9% stake [2][3] Group 2: Amazon - Bill Ackman began purchasing Amazon shares in Q2, believing the company can navigate challenges in its cloud computing division, with Wall Street estimating a 10% annual earnings growth through 2026 [5][6] - Amazon's revenue growth is projected at 11.6% annually for retail e-commerce, 14.4% for ad tech spending, and 20.4% for cloud computing through 2030 [6] - The introduction of the generative AI model DeepFleet aims to enhance warehouse efficiency, potentially reducing travel time for robots by 10% and lowering shipping costs [8] - Earnings for Amazon could increase at 15%+ annually through the end of the decade, making current valuations more justifiable [9] Group 3: Uber Technologies - Bill Ackman started buying Uber shares when priced under $70, with the stock becoming the largest holding in his portfolio by March 31, highlighting Uber as a well-managed business [10] - Uber operates the largest ride-sharing and food delivery platforms globally, with ride-sharing revenue expected to grow at 21% annually, approaching $920 billion by 2033 [11] - Wall Street estimates Uber's earnings will grow at 26% annually over the next three to five years, making its current valuation of 16 times earnings reasonable [13] - Partnerships with autonomous vehicle companies position Uber to benefit from the robotaxi market, with various collaborations set to expand in the coming years [12][14]

Core Viewpoint - Uber is positioned as a leading player in the ride-sharing and food delivery market, with significant growth potential and minimal competition in North America [3][4][6]. Group 1: Market Position and Growth - Uber has established a virtual monopoly in the North American ride-sharing market, significantly outpacing competitors like Lyft [3]. - Gross bookings for Uber's ride-sharing platform grew 24% year over year to $22.8 billion, with $6.9 billion converting to revenue [4]. - The delivery segment also showed strong performance, with bookings growing 20% year over year to $20.1 billion [5]. - Combined gross bookings across ride-sharing and delivery reached $44.2 billion in the last quarter of the previous year, indicating robust growth prospects [6]. Group 2: Future Opportunities - The emergence of self-driving vehicle technology, while a potential threat, may also enhance Uber's business by filling demand gaps through partnerships with companies like Waymo [7][9]. - Uber anticipates that autonomous vehicles could unlock a $1 trillion market in the U.S., which could lead to sustained growth in bookings [8]. Group 3: Financial Outlook - Uber's current market cap stands at $157 billion, with an operating income of $2.77 billion last year, suggesting significant earnings potential [10]. - Management projects gross bookings to grow at a mid-teens annual rate through 2026, with operating margins expected to expand from 6% to 20% or higher in the long term [11]. - Assuming a 15% annual growth rate, Uber's revenue could reach $67 billion in three years, translating to an operating income of $13.4 billion, which is five times the current level [12].