Private Equity

PE-VC Fund Investments

Prosus, WestBridge to acquire Swiggy’s stake in ride hailer Rapido for Rs.2,399-Cr

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Foodtech major Swiggy will sell its stake in Bengaluru-based Roppen Transportation Services, the parent entity of Rapido, to investment firms Prosus Ventures and WestBridge (both of whom are also existing investors in Rapido) for INR 2,399 crore.Swiggy is to sell 10 equity shares and 1,63,990 Series D compulsorily convertible shares (CCPS) to MIH Investments One B.V., a venture capital fund managed by Prosus Ventures, for INR 1,968 crore. It would sell 35,958 Series D CCPS to Setu AIF Trust, a fund managed by WestBridge, for INR 431.5 crore.

Swiggy first invested in Rapido as part of the Series D in 2022. Other investors in Rapido include Nexus Venture Partners, Prosus Ventures, Think Investments, WestBridge, Shell Technology Ventures, Yamaha Motor Ventures, and Integrated Capital.