Indian ride-hailing service Rapido has expanded its food delivery platform, Ownly, across Bengaluru, moving beyond its pilot phase in select neighbourhoods, according to The Business Line. The rollout and the company’s next steps were discussed during a town hall hosted by the National Restaurant Association of India (NRAI), where Rapido's new initiatives head Vivek Vashishta spoke to restaurant partners. Ownly had been piloted since mid-August in Koramangala, HSR Layout and BTM Layout. Vashishta said t ...

Core Insights - India-based magicpin and ride-hailing company Rapido have partnered to compete against Zomato and Swiggy in the online food delivery market [1] - The collaboration will integrate magicpin's extensive restaurant network into Rapido's food delivery platform, Ownly, providing access to over 80,000 restaurants in India [1][2] - Rapido's Ownly was launched in August 2025, initially serving select neighborhoods in Bengaluru, and the partnership aims to expand its reach [2] Company Strategies - Rapido's spokesperson indicated that the company primarily on-boards restaurants directly, with a small share coming from partners like magicpin, and utilizes its fleet for last-mile deliveries in select cities [3] - The focus of Rapido remains on creating reliable and affordable delivery solutions for merchants while enhancing customer and delivery captain experiences [4] Market Dynamics - The partnership is seen as beneficial for restaurant chains on magicpin's platform, providing them with more options [4] - Swiggy has recently reassessed its relationship with Rapido, indicating potential conflicts of interest due to Rapido's entry into food delivery, leading to a divestment of its stake in Roppen Transportation Services for nearly Rs2.4 billion [5] - Zomato holds approximately a 15% interest in magicpin, indicating a competitive landscape among these companies [5]

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]

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]