India, Sept. 23 -- Foodtech major Swiggy has approved the sale of its stake in bike-taxi startup Rapido to private equity firm Westbridge and Prosus for about INR 2,400 Cr.

In its filings with the exchanges today, the company said that it cleared the divestment of 10 equity shares and 1.64 Lakh Series D CCPS it held in Rapido to Prosus entity MIH Investment One B.V. for INR 1,968 Cr.

Meanwhile, it also cleared the sale of about 36,000 Series D CCPS held in Rapido to Westbridge for INR 431.5 Cr. The stake would be acquired by Setu AIF Trust, a SEBI-registered Category II Alternative Investment Fund managed by Westbridge, along with its affiliates.

The foodtech giant said the move was a strategic decision to realise investments for the b...