RAPIDO doubles Uber to $ 2.3 billion after selling Swiggy’s share

Rapido, a famous ride platform in India competing with Uber, has doubled its evaluation to $ 2.3 billion after selling secondary shares by the food delivery giant. Selling shares comes just weeks after Rabdo I started experimenting with food shipmentsAnd disturbance in the basic area of ​​Swigi.

Swiggy unloaded its 12 % share in Rapido for $ 24 billion (about 270 million dollars) through a separate deal, according to the regulatory files. About 10 % of the share is obtained by Prosus for $ 19.68 billion (about 222 million dollars), while the remaining share is sold to WestBridge Capital for $ 4.31 billion (about $ 49 million), according to the organizational stadiums issued after the Swiggy Board meeting on Tuesday.

The PROSUS Investment Group is already a common support for both Swiggy and Rapido, the largest contributor to Swiggy.

The latest sale of shares in Rapido is suitable for starting more than twice its rating of $ 1.1 billion of September 2024, a number confirmed by the CEO of Techcrunch.

In August, Rabdo was ventured in food delivery operations in Bangaluru through a pilot program managed by a subsidiary of it as king. The pilot distinguished the entry of Rapido into a Swiggy and Zomato segment. The co -founder and CEO of Rapido Aravind Sanka confirmed to the Teccrunch about the pilot, noting that he initially started three neighborhoods inside the city.

Rapido’s entry to delivering food for more than three years came after Swiggy has supported the startup in A. A financing round of $ 180 million In April 2022.

Rapido has also made a partnership with Swiggy as a delivery provider for the last distance, which helps to meet food orders on the platform. The early Swigy partnership has given a window on customer demand patterns, and the operational challenges facing restaurants on the platform, including the committees required to receive requests, said a source familiar with Techcrunch.

Swiji hinted earlier this year that she might sell her share in Rabdo. In the July letter to shareholders, Swiggy stated that it re -evaluated its share in Rabdo due to a conflict of potential interests, as the riding company was ready to enter the food delivery market. The founder of Swiggy and SRIHARSHHHHHHHA MAJETY said during the July profit call that the company “even conducted some talks on possible cooperation in delivering food with Rapido”.

Unfortunately, this was not achieved, and Rabdo decided to enter the work, “Magley He said Investors on the call.

It is still too early to measure whether Rapido’s emerging works will affect their occupants such as Swiggy and Zomato.

The entrance was expected to pressure the current players to reduce their commissions to keep restaurant parties. However, the update of the commodity and modern services tax (GST) by the Indian government may limit the elasticity of pricing, with a 18 % apartment tax It has now been imposed on online food delivery, which makes the competitiveness of the cost less effective.

However, Rabdo was already a strong competitor in the Indian Ride Market. Uber CEO Dara Joshroshhahi recently described the start of operation Uber’s largest competitor in India -And not a job backed by SoftBank, Ola.

While Rabdo crawls to deliver food, Swiggy continues to build its instant commercial business, a competitive industry that provides rapid delivery from groceries and other elements in less than an hour.

Swiggy has announced the incorporation of a subsidiary of its rapid ride for fast trade. This step can help strengthen its position in the competitive rapid trade market in India, which includes players such as Zomato’s Blinkit, Flipkart and Amazon. The structure may also pave the way for a potential show or a separate inseamart donation in the future.

Instamart has emerged as the fastest Swigy business in recent months, as the total demand value has increased by 82 % to 146.83 billion dollars ($ 1.7 billion) in Fy25 (PDF) – Nearly a third of the company’s B2C orders. Instaart revenue has multiplied more than twice to 22.52 billion dollars ($ 254 million), which exceeded the basic food delivery sector, which grew by 16.4 % by value and 83 % in revenue.