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TVS Motor to divest Rapido stake to Accel, Prosus for Rs 288 crore
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Two-wheeler maker TVS Motor Company said Thursday that it will divest its shares in urban mobility startup Rapido to venture capital firm Accel and Dutch investor Prosus for an aggregate of Rs 288 crore.
In a stock exchange filing, TVS said Accel and Prosus were picking up shares worth Rs 144 crore each in Rapido from the Chennai-based company.
TVS had first backed Rapido in 2022, when it participated in a $180 million round led by food delivery firm Swiggy.
Bengaluru-based Swiggy, which owns a 12% stake in Rapido, is also in the process of selling its…
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