Swiggy gig workers listen to a briefing during a promotional event in Mumbai.
Credit: Reuters File Photo
Bengaluru: Food delivery company Swiggy on Tuesday said its board approved the sale of its stake worth nearly Rs 2,400 crore in Rapido to Prosus, Westbridge Capital. In an exchange filing, Swiggy said it plans to sell 10 equity shares and 1,63,990 Series D compulsorily convertible preference shares held by the company in Roppen Transportation Services Private Limited (Rapido) to MIH Investments One BV, a company incorporated in the Netherlands.
"The purchaser and MIH India Food Holdings BV belong to the Prosus group and are under common control. MIFH is a public shareholder in the company holding approximately 23.31% shareholding in company as on June 30, 2025, and is a related party of the company," Swiggy added in the filing.
In yet another filing, Swiggy also informed of its board's approval to sell another set of 35,958 Series D compulsorily convertible preference shares (CCPS) held in Rapido to Setu AIF Trust, a fund registered under the SEBI (Alternative Investment Funds) Regulations (Westbridge) for a consideration of Rs 431.49 crore. This is not a related party transaction.
These developments follow Swiggy's statement on July 31, that it was "actively re-evaluating" its investment in Rapido, seeing a potential conflict of interest in the ride sharing app's plants to foray into food delivery business.
Swiggy also said its board of directors at their meeting held on September 23, 2025, considered and approved the sale and transfer of its quick commerce business under the brand name ‘Instamart’, along with all relevant assets, liabilities, permits and licenses, records, intellectual property, employees and contracts of the company to Swiggy Instamart Private Limited, an indirect step-down wholly-owned subsidiary of the company through a slump sale.