New Delhi, Sept. 24 -- Swiggy has approved the sale of its stake in bike-taxi startup Rapido to existing investors Prosus and Westbridge in a transaction valued at around Rs.2,400 crore. Exchange filings on September 23 confirm the decision, marking Swiggy's formal exit from the ride-hailing platform it first backed in 2022.

As part of the deal, Prosus entity MIH Investment One B.V. will acquire 10 equity shares and 1,63,990 Series D CCPS for Rs.1,968 crore, while Westbridge's Setu AIF Trust will purchase 35,958 Series D CCPS for Rs.431.5 crore. Both deals will be executed via a share purchase agreement and remain subject to closing conditions.

Why Swiggy is divesting Rapido stake

Swiggy's move comes after months of internal review. In...