News Summary

Rapido, a ride-hailing startup in India, has doubled its valuation to $2.3 billion after Swiggy, a food delivery giant, sold its 12% stake in the company for approximately $270 million. The stake was acquired by Prosus and WestBridge Capital. This development follows Rapido’s recent entry into the food delivery market, a sector dominated by Swiggy and Zomato. Rapido’s pilot food delivery program began in Bengaluru, marking its expansion beyond ride-hailing services. The move by Swiggy to offload its stake comes amid potential conflicts of interest as Rapido ventures into food delivery. Meanwhile, Swiggy is focusing on its quick commerce arm, Instamart, which has shown significant growth, outpacing its core food delivery segment.