Overview

• Swiggy’s board approved two secondary transactions totaling about Rs 2,400 crore, selling its Rapido stake via SPAs subject to customary closing conditions.
• The company will sell 10 equity shares and 1,63,990 Series D CCPS to Prosus’s MIH Investments One B.V. for Rs 1,968 crore and 35,958 Series D CCPS to WestBridge’s Setu AIF Trust for Rs 431.5 crore.
• Regulatory filings indicate Swiggy has offloaded its entire holding of roughly 12% in Rapido, with the deals described as arm’s length and not related-party transactions.
• The pricing pegs Rapido’s valuation at about $2.3 billion, roughly double last year’s figure, a level Rapido’s CEO confirmed to TechCrunch.
• Separately, Swiggy approved transferring its Instamart business into a step-down subsidiary through a slump sale, pending shareholder approval, to create a more focused structure.