Swiggy to raise ₹2,399 cr from Rapido stake sale to Prosus arm, WestBridge
Mumbai: Bengaluru-based food delivery major Swiggy has approved a stake sale in ride-hailing startup Rapido, raising about ₹2,399 crore through transactions with MIH Investments One BV and WestBridge Capital, according to an exchange filing.
Swiggy will offload 10 equity shares and 163,990 Series D compulsorily convertible preference shares (CCPS) to MIH Investments for ₹1,968 crore, and 35,958 Series D CCPS to WestBridge for ₹431 crore, Business Standard reported.
Prosus deepens play in Rapido
MIH Investments One BV, part of the Prosus group, already holds a 23.31% stake in Swiggy through its affiliates. Earlier in February 2025, it had invested ₹250 crore in Rapido’s Series E round, taking a 2.9% stake. Prosus also owned around 3–4% in Rapido before that.
Swiggy’s big bet on Rapido
Swiggy had itself invested nearly ₹1,020 crore in Rapido in April 2022, acquiring a 12% stake as part of the bike taxi firm’s Series D round, which valued Rapido at $827 million.
At the time, it was Swiggy’s single-largest investment in a startup.
Founded in 2015, Rapido operates bike taxis across multiple Indian cities, and has since expanded into auto-rickshaws, quick commerce, and food delivery.
In August 2025, it entered food delivery with its new service Ownly in Bengaluru, emerging as a direct competitor to Swiggy.
Funding concerns at Instamart
The stake sale comes at a time when Swiggy faces pressure to bolster capital for its Instamart quick commerce division, amid an aggressive push from Zomato’s Blinkit.
Analysts at JM Financial recently said Swiggy may need to raise over $500 million to sustain Instamart’s growth.
Despite reporting more than 100% year-on-year order growth, Instamart has been losing market share to Blinkit, which expanded by over 130% in the same period.
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