India, Sept. 23 -- Swiggy Ltd. has decided to exit Rapido in a stake-sale deal that more than doubles the valuation of the mobility startup.

The listed quick-commerce company will sell 10 equity shares and 1,63,990 compulsorily convertible preference shares of Rapido operator Roppen Transportation Services Pvt. Ltd. to Prosus Group's MIH Investments One BV for Rs.1,948 crore, according to an exchange filing on Tuesday. This is a related-party transaction since Prosus Group and its associates are the largest shareholders in Swiggy with a 23.31% stake.

Separately, Swiggy will sell 35,958 Series D compulsorily convertible shares to Westbridge Capital LLC's Setu AIF Trust-a SEBI-registered alternative investment fund-for Rs.431.5 crore. Thi...