Overview
- TVS signed share purchase agreements on November 6 to divest Rapido holdings for about Rs 287.94 crore to Accel India VIII (Mauritius) and MIH Investments One B.V.
- The sale includes 11,997 Series D CCPS to Accel for Rs 143.96 crore and 10 equity shares plus 11,988 Series D CCPS to MIH for Rs 143.97 crore.
- Closing of the transaction is contingent on regulatory clearances to be obtained by the buyers.
- Coverage differs on whether this equals a full exit for TVS, with some reports noting a gain of more than 152% versus its 2022 purchase price.
- The move follows recent secondary reshaping of Rapido’s cap table, including Swiggy’s approved sale, as the startup reports higher FY24 revenue and narrower losses; TVS separately disclosed the resignation of independent director Deepali Pant Rajeev Joshi effective November 6.