Stake sale · Commerce & Consumer Brands

Swiggy sells entire Rapido stake for ₹2,400 crore

By Startup Enthusiast · 23 September 2025

What they do

Swiggy operates food delivery and quick commerce platform Instamart

It sold its 11.8% stake in Rapido to Prosus and WestBridge Capital for ₹2,400 crore

The sale comes after Rapido launched its own food delivery service, creating a conflict of interest

Swiggy's board approved the sale of its entire 11.8% stake in Rapido (Roppen Transportation Services).
The buyers are MIH Investments One BV (a Prosus affiliate) and Setu AIF Trust (WestBridge Capital).
The total consideration is approximately ₹2,400 crore.
Prosus pays ₹1,968 crore for equity and convertible shares.
WestBridge Capital pays ₹431.49 crore for convertible shares.
Swiggy had invested ₹950 crore in Rapido in 2022, earning a 2.4x return.
The board also approved a slump sale of the Instamart business to a wholly-owned subsidiary, Swiggy Instamart Pvt Ltd.
The Instamart slump sale is expected to complete after Q3 FY2025-26, subject to approvals.

Rapido launched its own food delivery service 'Ownly' in 2025, creating a potential conflict of interest with Swiggy.
Swiggy co-founder Sriharsha Majety said in the Q1FY26 earnings call that Swiggy was 'actively re-evaluating' its Rapido investment due to this conflict.
Analysts have mixed views: JM Financial says the proceeds extend Swiggy's runway by only two quarters, while JPMorgan says it could extend by up to six quarters.
Swiggy's cumulative losses over nine quarters exceed ₹6,600 crore, and its net loss in the last reported quarter was ₹2,278 crore.

Swiggy is an online food delivery and quick commerce platform based in Bengaluru.
It operates two main businesses: food delivery and Instamart (quick commerce).
In Q1FY26, food delivery GOV (gross order value) was ₹8,086 crore, up 18.77% year-on-year.
Instamart GOV was ₹5,655 crore, up 107.6% year-on-year.
Swiggy had 16.3 million average monthly users in Q1FY26, up 16.4% year-on-year.
It had 255,400 average monthly transacting restaurant partners in Q1FY26.
Instamart contributed ₹2,129.58 crore (24.21%) to Swiggy's standalone revenue in FY2024-25.

Swiggy plans to use the proceeds from the Rapido stake sale to support its quick commerce ambitions.
The Instamart slump sale to a subsidiary is expected to complete after Q3 FY2025-26.
Analysts have mixed views: JM Financial says Swiggy needs a fundraise of over $500 million on top of Rapido proceeds, while JPMorgan says the sale could extend cash burn runway by up to six quarters.

MIH Investments One BV (buyer) — An affiliate of Prosus, an existing investor in Rapido.
Setu AIF Trust (WestBridge Capital) (buyer) — An existing investor in Rapido.