Swiggy to exit Rapido with Rs 2,400 crore sale to Prosus, WestBridge
Swiggy's board has approved the sale of its Rapido stake for approximately Rs 2,400 crore to Prosus affiliate MIH Investments One and WestBridge Capital's Setu AIF Trust. This decision reverses Swiggy's 2022 investment following Rapido's entry into food delivery, creating a conflict of interest. Swiggy also plans to transfer its Instamart quick-commerce unit to a wholly-owned subsidiary.
Swiggy's board has approved the sale of its Rapido stake for approximately Rs 2,400 crore to Prosus affiliate MIH Investments One and WestBridge Capital's Setu AIF Trust. This decision reverses Swiggy's 2022 investment following Rapido's entry into food delivery, creating a conflict of interest. Swiggy also plans to transfer its Instamart quick-commerce unit to a wholly-owned subsidiary.
