Uber-rival Rapido doubles valuation to $2.3B following Swiggy stake sale

After the sale of secondary shares of food delivery giant Swiggie, India’s popular riding-hilling platform Rapido doubled its evaluation to $ 2.5 billion. Share sales arrive a few weeks after Rapido Started running the food deliveryAt the edge of the main region of Swigi.

According to the regulatory filing, Swigi has offloaded the entire 12% part of Rapido with two separate agreements (about $ 270 million) through two separate agreements. According to the regulatory filing published after the Swiggie Board meeting on Tuesday, about 10% of parts are being achieved by the Prousus by Prosus, which is being earned 19.68 billion (about $ 222 million), while the rest of the Westbridge Capital is being sold at 4.31 billion (about $ 49 million).

The Dutch Investment Group Prosus is already a general supporter of both Swigi and Rapido and is the largest shareholder in Swigger.

Rapido’s latest share sales have pug more than double the $ 1.1 billion evaluation from September 2024, which is an image that confirmed with its CEO TechCrunch.

In August, Rapido was leaning on food supply to Bengaluru through a pilot program operated by its auxiliary agency. The pilot has identified the entrance of Rapido in a sector, which is proved by the pilot Swigi and its arched opponent, Zomato. Rapido co-founder and CEO Aurobindo confirmed to TechCrunch about the Pilot, noting that it initially started in the city.

Food Delivery has come up for three years of Rapido’s entry to Swigo after supporting the startup in one Round of $ 180 million funds April 2022.

Rapido helps to fill the food orders on the platform, as well as the last mile distributor as a supplier of Swigi. TechCrunch has been told to give Rapido the primary partnership of Rapido to the customer’s demand patterns and platform restaurants for the operational challenges, including the commissions required to get the order, to inform Techcranch.

Swiigi had indicated early this year that it could sell its partner in Rapido. In a July letter to the shareholders, Swigi said that the ride-helling company was ready to enter the food supply market as it was rehabiting its partnership in Rapido because of a possible interest conflict. Sriharsha Magnette, co-founder and chief executive officer of Swiggie, also mentioned during the call of July to earn “even some conversations around possible cooperation in supplying food to Rapido.”

“Unfortunately, it has not been implemented, and the Rapido has decided to enter the business,” Stated Investors in the call.

It is still very soon to guess whether Rapido’s emerging food supply business will affect those like swiggie and zomato.

The entry was expected to pressure their commissions to reduce the existing players’ restaurant partners. However, a recent goods and services tax (GST) by Government of India may limit the update price flexibility, a Flat 18% of the taxes Now the online food supply is levied, the expenditure creates the less effective end.

It was said that Rapido has already become a powerful contestant in India’s ride-hilling market. Uber CEO Dara Khosravshahi recently described the startup Uber’s largest competitor in India -SoftBank-Backed Incubent, Ola.

As Rapido is leaning towards food supply, Swigi is creating its immediate trade business, it is a competitive industry that provides quick distribution of grocery and other items in less than an hour.

Swigi has announced the inclusion of a step-down auxiliary agency for its fast growing fast trade forces install. This step can help strengthen its position in the competitive fast trade market in India, which include players like Jomato Blinkit, Flipkart and Amazon. The structure can also pave the way for a potential spin-off or individual fundraising for future instamart.

Instamart has debuted as a rapid growing business in recent months, its total order price increased by 12% to $ 8.5 billion ($ 1.7 billion). FY25 (PDF) – About one third of the company’s total B2C order. Instamart’s revenue stands at $ 22.52 billion ($ 254 million), exceeded the main food distribution division, which has increased by 16.4% as order value and earned 83%.