Swiggy Board approves sale of Rapido stake worth ₹2,400 crore to Prosus, Westbridge Capital. Details here

Food delivery giant Swiggy's Board has approved the sale of its stake worth ₹2,400 crore in ride-hailing company Rapido to Prosus, Westbridge Capital, the company informed in exchange filings on September 23, 2025.

Swiggy acquired a 12% stake for $180 million in April 2022. In July, it informed shareholders to reconsider their investment in Rapido, as the ride-booking startup had also entered the food-delivery platform via Ownly.

In its latest exchange filing, Swiggy informed its plans to sell ten equity shares and 1,63,990 compulsorily convertible preference shares of Rapido for ₹1,968 crore to MIH Investments One B V, a venture capital fund managed by Prosus Ventures, based in the Netherlands.

“The Board of Directors of the Company at their meeting held on September 23, 2025 have approved the proposal for sale of 10 equity shares and 1,63,990 Series D Compulsorily Convertible Preference Shares (“CCPS”) held by the Company in Roppen Transportation Services Private Limited (“Rapido”) to MIH Investments One B.V,” the exchange filing read.

Meanwhile, Westbridge's Setu AIF Trust will buy 35,958 compulsorily convertible preference shares worth ₹431.496 crore.

“The Board of Directors of the Company, at their meeting held on September 23, 2025 have approved the proposal for sale of 35,958 Series D Compulsorily Convertible Preference Shares (“CCPS”) held by the Company in Roppen Transportation Services Private Limited (“Rapido”) to Setu AIF Trust, a fund registered under the Securities and Exchange Board of India,” Swiggy said in a separate exchange filing.

Notably, both Prosus and Westbridge are existing shareholders of Rapido.

Prosus held about 2.7% in Rapido, while Nexus and WestBridge owned 9.9% and 19%, respectively, as of June 2025, as Mint reported earlier, citing Tracxn data. Rapido founders Pavan Guntupalli and Aravind Sanka each hold 4.8%, while co-founder Rishikesh S.R. holds a 1.8% share.

Swiggy's financials

Swiggy became India's second publicly listed food delivery company by raising ₹4,359 crore in November 2024, while the cash reserves stood at ₹8,183 crore at the end of December, fell to ₹5,354 crore at the end of the June quarter.

In Q1FY25, Swiggy recorded a consolidated net loss for the quarter at ₹1,197 crore, significantly higher than ₹611 crore posted in the corresponding period in the previous year. The company's consolidated revenue stood at ₹4,961 crore versus ₹3,222 crore in the same period a year ago.