News Summary

Rapido, an Indian ride-hailing startup, has seen its valuation double to $2.3 billion after Swiggy sold its 12% stake in the company. The stake was sold for approximately $270 million, with Dutch investment group Prosus acquiring 10% and WestBridge Capital purchasing the remainder. This move comes as Rapido begins piloting food deliveries in Bengaluru, entering a market dominated by Swiggy and Zomato. Rapido’s co-founder and CEO, Aravind Sanka, confirmed this pilot began in select neighborhoods, highlighting Rapido’s strategic expansion beyond ride-hailing. Swiggy had initially backed Rapido with a $180 million funding round in 2022 and had partnered with Rapido for last-mile delivery. However, Swiggy’s decision to sell its stake followed hints earlier in the year about potential conflicts as Rapido ventured into food delivery. Despite this, Swiggy continues to focus on its fast-growing quick commerce arm, Instamart, which has shown significant growth in gross order value and revenue.