Swiggy sells its 12% stake in Rapido for ₹2,400 crore, exiting after a 2.5x return amid strategic shifts.

Swiggy has sold its entire stake in bike taxi app Rapido to Westbridge’s Setu AIF Trust and MIH Investments One BV for approximately ₹2,400 crore, exiting its 12% ownership after a nearly 2.5 times return in under four years. The transaction, involving Series D CCPS and equity shares, follows Rapido’s expansion into food delivery via its 'Ownly' brand, raising concerns over conflicts with Swiggy’s core business. Rapido’s valuation rose to over ₹20,000 crore, up from ₹9,000 crore in 2022. The sale, subject to closing conditions, reflects Swiggy’s strategic shift, including the planned divestiture of its quick commerce arm Instamart.