Rapido, an Indian ride-hailing platform, has doubled its valuation to $2.3 billion after Swiggy sold its 12% stake for $270 million. Prosus acquired 10% for $222 million, and WestBridge Capital purchased the remainder for $49 million.
Rapido is venturing into food delivery, challenging Swiggy and Zomato, after Swiggy backed Rapido with $180 million in 2022. Uber's CEO considers Rapido its biggest rival in India.
Swiggy is expanding its quick commerce business, Instamart, with significant growth in order value and revenue. Instamart's revenue has doubled to $254 million.