Copyright indiatimes
Two-wheeler maker TVS Motor Company said Thursday that it will divest its shares in urban mobility startup Rapido to venture capital firm Accel and Dutch investor Prosus for an aggregate of Rs 288 crore.In a stock exchange filing, TVS said Accel and Prosus were picking up shares worth Rs 144 crore each in Rapido from the Chennai-based company.TVS had first backed Rapido in 2022, when it participated in a $180 million round led by food delivery firm Swiggy.Bengaluru-based Swiggy, which owns a 12% stake in Rapido, is also in the process of selling its shares to Prosus and WestBridge Capital. The company had cited conflict of interest as the reason for offloading its Rapido investment after it entered food delivery space to rival Swiggy. The deal would fetch Swiggy Rs 2,400 crore and is currently pending regulatory approvals. Prosus is the biggest shareholder of Swiggy, while Accel is one of its earliest backers.ET had reported earlier that Rapido is closing a larger $550 million round led by Prosus in a mix of primary and secondary transactions. This will see the bike-taxi startup raise around $300 million in fresh capital. The round, among the largest for a venture-backed startup in the country this year, comes at a time when Rapido is accelerating its growth in the ride-hailing business, even as it scales up its food delivery offering, Ownly.
