Uber Rival Rapido Doubles Valuation To $2.3B Following Swiggy Stake Sale
Rapido, India’s fast-growing ride-hailing app and Uber rival Rapido doubles valuation to $2.3B following Swiggy stake sale, signaling a major shift in the country’s mobility and delivery landscape. The boost comes just weeks after Rapido quietly entered the food delivery space, edging into Swiggy’s core business.
Swiggy Offloads Its Entire Stake In Rapido
Food delivery giant Swiggy has sold its full 12% stake in Rapido for ₹24 billion (about $270 million). The exit happened through two major deals, according to fresh regulatory filings.
Around 10% was picked up by Dutch investment powerhouse Prosus for ₹19.68 billion (roughly $222 million). The remaining 2% stake went to WestBridge Capital for ₹4.31 billion (about $49 million).
Prosus Strengthens Its Position
Prosus, already a common backer of both Swiggy and Rapido, has now strengthened its role in India’s competitive tech ecosystem. It remains the largest shareholder in Swiggy while now doubling down on Rapido’s growth potential.
Rapido’s Valuation Surge
This deal values Rapido at more than double its $1.1 billion valuation in September 2024, according to its CEO. The leap underscores the startup’s growing influence as it challenges Uber, Ola, and other players in India’s ride-hailing sector.
Rapido Expands Beyond Rides
In August, Rapido started testing food deliveries in Bengaluru through a pilot program. This move hints at bigger ambitions, positioning Rapido not only as a ride-hailing service but also as a potential disruptor in the food delivery space.
Why This Matters
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For investors: Rapido’s rise highlights growing confidence in India’s mobility and delivery startups.
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For Swiggy: The exit allows the company to streamline its focus amid intensifying competition.
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For consumers: More competition means better choices in both rides and food delivery.
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