Swiggy Exits Rapido in Two-Part Deal Worth Rs 2,400 Crore

Swiggy has approved the sale of its entire stake in Rapido to two separate entities for a total of nearly Rs 2,400 crore. The decision, made by Swiggy's Board of Directors on September 23, 2025, involves selling shares to MIH Investments One B.V. and Setu AIF Trust. This divestment is a strategic move by Swiggy to realise its investment in the ride-hailing company, which is expected to benefit Swiggy's own shareholders.

The transaction with MIH Investments One B.V., a Netherlands-based company, involves the sale of 10 equity shares and 163,990 Series D Compulsorily Convertible Preference Shares (CCPS) for a consideration of Rs 1,968 crore. The completion of this sale is contingent on several conditions, including approval from the Competition Commission of India and a shareholder vote as required by the Companies Act, 2013. The agreement also includes customary terms such as representations, warranties, and indemnification obligations.

In a separate but related transaction, Swiggy is also selling its remaining 35,958 Series D CCPS in Rapido to Setu AIF Trust, a fund registered in India, for approximately ₹431.5 crore. This deal, like the first, is intended to realise the value of Swiggy's investment in Rapido. The finalisation of this sale is also subject to the fulfilment of standard conditions for such a transaction. Together, these two sales effectively mark Swiggy's exit from Rapido.

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About the Company

Swiggy is India’s pioneering on-demand convenience platform, catering to millions of consumers each month. Founded in 2014, its mission is to elevate the quality of life for the urban consumer by offering unparalleled convenience, enabled by over 5 lakh delivery partners. With an extensive footprint in food delivery, Swiggy Food collaborates with over 2 lakh restaurants across 700+ cities. Instamart, its quick commerce platform operating in 100+ cities, delivers groceries and other essentials across 20+ categories in 10 minutes.

Fuelled by a commitment to innovation, Swiggy continually incubates and integrates new services like Swiggy Dineout and Swiggy Genie into its multi-service app. Leveraging cutting-edge technology and Swiggy One, the country’s only membership program offering benefits across food, quick commerce, dining out, and pick-up and drop services, Swiggy aims to provide a superior experience to its users.

The company has a market cap of over Rs 1,00,000 crore and the stock is up over 50 per cent from its 52-week low of Rs 297 per share.

Disclaimer: The article is for informational purposes only and not investment advice.