Swiggy is poised to exit its investment in Rapido, the rapidly growing ride-hailing platform, aiming to raise ₹2,500 crore ($300 million) by selling its 12% stake through a secondary share sale. The move marks a 2.5X return on the ₹950 crore ($120 million) investment Swiggy made in 2022 as part of a $180 million funding round it co-led.

Rapido’s Valuation Surge and Expansion Plans
Rapido’s valuation has surged to an estimated $2.7–3 billion (₹23,000–26,000 crore), up from $1.1 billion a year ago. The sharp increase in valuation is driven by:
- 120% growth in business scale
- $2.2 billion in gross merchandise value (GMV)
- Expansion beyond bike taxis to auto-rickshaws and cabs
- Ambitious plans to enter the food delivery sector
With its GMV now outpacing Uber and Ola in select Indian cities, Rapido has also maintained strong financials—with $150–160 million in cash reserves and a modest monthly burn rate of $3 million. The company is currently valued at approximately 1.3X GMV, which is considered a premium in the ride-hailing industry.
Swiggy’s Rationale for Exit
Swiggy has acknowledged that Rapido’s entry into food delivery presents a potential conflict of interest, given Swiggy’s own position in that sector.
“Our minority stake has appreciated significantly over the past three years. However, we recognize a potential conflict as Rapido expands into food delivery,” Swiggy said in a statement to shareholders.
The exit also arrives at a time when Swiggy is under financial pressure:
- Net loss of ₹2,278 crore over the last two quarters
- Cumulative nine-quarter loss of ₹6,600 crore
- Cash reserves of ₹5,354 crore (as of Q1 FY26)
The ₹2,500 crore exit will provide Swiggy with critical liquidity as it intensifies competition in the quick commerce space, battling rivals like Zomato-Blinkit, Zepto, and BigBasket.
Exit Mechanics
The exit will occur via a secondary share transaction, with Swiggy selling its stake to institutional investors. No new funds will be raised by Rapido through this process. The deal is expected to be finalized over the next three months.