Swiggy cashes out of Rapido with 2.35X return; Prosus, WestBridge acquire stake

Swiggy has announced the sale of its stake in Rapido for Rs 1,968 crore to MIH Investments One B.V., a Prosus group company based in the Netherlands, and Rs 431.5 crore to Setu AIF Trust and its affiliate WestBridge. With this, the foodtech major has secured Rs 2,399.5 crore, yielding a little over 2.3X return on its four-year-old investment.

The deal involves the transfer of 10 equity shares and 1,99,948 Series D Compulsorily Convertible Preference Shares held by Swiggy in Roppen Transportation Services Private Limited, the parent company of Rapido.