Rapido, a popular ride platform in India that competes with Uber, doubled its valuation to $ 2.3 billion after a secondary shares from the Swiggy Giant. The sale of shares comes just a few weeks after Rapido’s start to pilot food deliveries, with the basic territory of SWIGGY.
Swiggy has unloaded its entire 12% share on Rapido for ₹ 24 billion (about $ 270 million) through two separate deals, according to regulatory deposits. About 10% of the share is acquired by Prosus for 19.68 billion (about $ 222 million), while the rest of the share is sold to Westbridge Capital for ₹ 4.31 billion (about $ 49 million)
The Dutch investment group Prosus is already a common supporter of both Swiggy and Rapido, and is the largest shareholder in SWIGGY.
Rapido’s latest share share, starting more than twice the $ 1.1 billion valuation since September 2024, a number confirmed by its CEO with TechCrunch.
In August, Rapido dares to food deliveries in Bangalore through a pilot program managed by his subsidiary. The pilot noted Rapido’s entry into an area dominated by Swiggy and Zomato’s opponent. Co -founder and CEO of Rapido Aravind Sanka confirmed to TechCrunch for the pilot, stating that he initially started in three neighborhoods in the city.
Rapido’s entry into food delivery came over three years after Swiggy’s support in a $ 180 million funding round in April 2022.
Rapido also worked with Swiggy as a last -mile delivery provider, helping to fulfill food orders on the platform. Swiggy’s early partnership gave Rapido a window to customer demand standards and the operational challenges facing platform restaurants, including committees needed to receive orders, a source familiar with the issue told TechCrunch.
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Swiggy hinted earlier this year that she could sell her share on Rapido. In a July letter to shareholders, Swiggy said that it re -examined its share of Rapido due to a possible conflict of interest, as the company that was ready to enter the food delivery market. Co -founder and CEO of Swiggy Sriharsha Majety also reported during a July profits that the company “even had some talks about a possible collaboration in food delivery with Rapido”.
“Unfortunately, this was not implemented and Rapido decided to enter the business,” Majety prescribed investors in the call.
It is still too early to measure whether Rapido’s pop delivery business will affect established agencies such as Swiggy and Zomato.
The entry was expected to push existing players to reduce their committees to maintain restaurant partners. However, the recent update of the tax and services tax (GST) by the Indian government can limit price flexibility, with one flat tax 18% It is now collected in electronic food traditions, making the competitiveness of the cost a less effective advantage.
This is what Rapido was already a strong candidate in the India market. Uber Dara Khosrowhahi CEO recently described the start as Uber’s biggest opponent in India -No the established employee supported by Softbank, Ola.
As Rapido drags on food delivery, Swiggy continues to develop immediate trade businesses, a competitive industry that offers quick delivery of grocery stores and other objects in less than an hour.
SWIGGY has announced the integration of a subsidiary for the rapidly growing ARM ARM Instamart. Movement could help her enhance India’s competitive trade market, which includes players such as Blinkit, Flipkart and Amazon of Zomato. The structure can also pave the way for possible disconnection or separate concentration of funds for Instamart in the future.
Instamart has emerged as SWIGGY’s fastest growing business in recent months, with gross class value increasing by 82% to 146.83 billion ($ 1.7 billion) in FY25 (PDF) – almost one -third of the company’s total B2C orders. Instamart’s revenue was also more than doubled at $ 22.52 billion ($ 254 million), exceeding the basic food delivery department, which increased by $ 16.4% in value and 83% in revenue.
