Swiggy has finalized its complete exit from bike taxi and logistics startup Rapido through a secondary share sale worth about US$270 million (Rs. 2,400 crore). The deal transfers Swiggy’s roughly 12% stake to existing Rapido investors Prosus Ventures and WestBridge Capital.
The transaction has been structured in two parts. Swiggy will sell 10 equity shares along with 1,63,954 Series D compulsorily convertible preference shares (CCPS) to MIH Investments One B.V., a Prosus unit, for Rs. 1,968 crore. In a parallel deal, 35,958 Series D CCPS will be sold to Setu AIF Trust, managed by WestBridge Capital, for Rs. 432 crore. Together, the transactions amount to about Rs. 2,400 crore and remain subject to shareholder and regulatory approvals under the Companies Act and SEBI rules.
This marks one of the most successful exits for Swiggy in terms of returns. The company had invested around US$180 million (₹950 crore at the time) in Rapido in April 2022. Just over two years later, the investment has more than doubled in value. The share sale pegs Rapido’s valuation in the range of US$2.5–2.7 billion.
The exit is also strategically significant, as Rapido recently launched its own food delivery service, ‘Ownly,’ which directly competes with Swiggy’s core business. By exiting now, Swiggy removes a potential conflict while unlocking significant capital.
The proceeds will help strengthen Swiggy’s balance sheet. In Q1 FY26, the company reported a 54% year-on-year rise in revenue to Rs. 4,961 crore, but its net loss widened to Rs. 1,197 crore, largely due to continued investments in its quick-commerce arm, Instamart. As of June 2025, Swiggy held about Rs. 5,354 crore in cash reserves.
For Rapido, the deal does not bring in fresh funding since it is a secondary transaction. Instead, it realigns the ownership structure by consolidating the stakes of Prosus Ventures and WestBridge Capital, two of its largest backers.
