Rapido, an India-based ride-hailing platform that competes with Uber, has reached a US$2.3 billion valuation after a secondary share sale by Swiggy.

Swiggy sold its entire 12% stake in Rapido for about US$270 million, with Prosus acquiring about 10% for US$222 million, and WestBridge Capital buying the remaining 2% for US$49 million, according to regulatory filings.

The share sale comes shortly after Rapido began piloting food deliveries in Bengaluru, moving into Swiggy’s core business area.

Prosus, which also backs Swiggy, has now acquired about 10% of Rapido.

🔗 Source: TechCrunch

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