Image Credits:Jagmeet Singh / TechCrunch Transportation Uber rival Rapido doubles valuation to $2.3B following Swiggy stake sale Jagmeet Singh 10:50 AM PDT · September 23, 2025 Rapido, a popular ride-hailing platform in India that competes with Uber, has doubled its valuation to $2.3 billion following a secondary share sale by food delivery giant Swiggy. The share sale comes just weeks after Rapido began piloting food deliveries, edging into Swiggy’s core territory. Swiggy has offloaded its entire 12% stake in Rapido for ₹24 billion (about $270 million) through two separate deals, according to regulatory filings. Around 10% of the stake is being acquired by Prosus for ₹19.68 billion (roughly $222 million), while the remaining stake is being sold to WestBridge Capital for ₹4.31 billion (about $49 million), according to regulatory filings released after Swiggy’s board meeting on Tuesday. The Dutch investment group Prosus is already a common backer of both Swiggy and Rapido, and is the largest shareholder in Swiggy. Rapido’s latest share sale pegs the startup at more than twice its $1.1 billion valuation from September 2024, a figure that its CEO confirmed with TechCrunch. In August, Rapido ventured into food deliveries in Bengaluru through a pilot program operated by its subsidiary Ownly. The pilot marked Rapido’s entry into a sector long dominated by Swiggy and its archrival Zomato. Rapido…
Published: September 23, 2025 5:50 pm
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