Overview
- TVS signed agreements to sell 11,997 Series D CCPS to Accel India VIII (Mauritius) for Rs 143.96 crore.
- It will transfer 10 equity shares and 11,988 Series D CCPS to Prosus subsidiary MIH Investments One BV for Rs 143.97 crore.
- The transactions are contingent on regulatory approvals that the buyers must obtain.
- TVS described the move as monetising its investment and did not confirm whether it constitutes a complete exit.
- Investor activity around Rapido has intensified, with Swiggy approving a Rs 2,400 crore stake sale to WestBridge and Prosus as Rapido cut FY24 losses to Rs 370 crore on revenue of Rs 648.1 crore.