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    India’s Swiggy to sell entire stake in ride-hailing platform Rapido – Reuters

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    By Reuters

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    India's Swiggy to sell entire stake in ride-hailing platform Rapido - Reuters

    CompaniesRapido S.a.s.Swiggy Ltd

    Sept 23 (Reuters) – Indian food and grocery delivery platform Swiggy (SWIG.NS), opens new tab said on Tuesday it would offload its entire 12% stake worth $270 million in ride-hailing platform Rapido.

    The stake sale comes as Rapido forays into food delivery business, which was acknowledged by Swiggy as a “potential conflict of interest” and also lead to revaluation.

    Dutch investment firm Prosus NV’s unit will buy shares worth 19.68 billion rupees ($221.63 million) from Swiggy. The remaining stake will be acquired by U.S.-based Westbridge for 4.3 billion rupees.

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    Swiggy gets almost two-and-a-half-fold return on its initial investment of 9 billion rupees in Rapido.

    Last month, Moneycontrol reported that Swiggy had initiated the process of divesting its stake in the startup.

    ($1 = 88.7950 Indian rupees)

    Reporting by Urvi Dugar; Editing by Maju Samuel

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