Rapido, an India-based ride-hailing platform, is seeing some angel investors sell shares worth about 1 billion rupees (US$10.6 million) in a broader US$730 million financing that combines primary and secondary deals.

The company said it recently completed the round, which includes the US$240 million primary raise it announced in May at a US$3 billion valuation.

Rapido added that Swiggy fully exited its stake, while select early investors received liquidity.

Potential buyers are pushing back on pricing at the last primary valuation, and secondary transactions typically happen at a discount to primary rounds.

More than 90% of the secondary portion was sold by Swiggy, which invested in Rapido in 2022.

Other investors, including New Delhi-based venture firm Advantedge, Shell’s corporate venture arm, and TVS Motor, have also partly or fully sold shares in the larger secondary deal.

Founded in 2015, Rapido operates ride-hailing, logistics, and food delivery services in India.

The company said its operating revenue rose 44% to 9.3 billion rupees (US$98.8 million) in the financial year ended in March 2025.

🔗 Source: The Economic Times

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