Prosus eyes biggest bite of Swiggy’s Rapido stake

Deal may value Rapido at up to $2.7 bn; Nexus, WestBridge too want to raise stakes

- Sakshi Sadashiv & Sneha Shah

Dutch technology investor Prosus NV is looking to snap up the largest piece of Swiggy’s stake in Rapido, three people familiar with the matter said, in a deal that could value the ride-hailing startup at as much as $2.7 billion.

Prosus is looking to invest $150-180 million for a significant portion of the roughly 12% stake that Swiggy holds in Rapido, one of the three people said on the condition of anonymity. Meanwhile, Rapido’s existing investors Nexus Venture Partners and WestBridge Capital are also seeking to increase their holdings.

Rapido was last valued at $1.1 billion in September 2024, when it secured $200 million in its Series E fundraising round led by West-Bridge Capital. If Swiggy sale indeed values Rapido at $2.7 billion, the 12% stake would be worth a little over $320 million, or 2,825 crore.

Swiggy, which had acquired the Rapido stake in April 2022 for $180 million, informed shareholders in July that it would reevaluate the investment after the mobility startup decided to enter Swiggy’s stronghold of food delivery.

As of June, Prosus owned about 2.7% in Rapido, while Nexus and WestBridge owned 9.9% and 19%, respectively, show data accessed by Tracxn. Rapido founders Pavan Guntupalli and Aravind Sanka own 4.8% each, while Rishikesh S.R., another co-founder, owns 1.8%.