Uber rival Rapido doubles valuation to $2.3B following Swiggy stake sale

Rapido, an Indian ride-hailing platform, has seen its valuation double to $2.3 billion following the sale of Swiggy's 12% stake in the company. Swiggy, a major food delivery platform, has reportedly sold its entire stake in Rapido for around $270 million through two separate transactions. The move comes as Rapido continues to expand its presence in the Indian transportation market, competing with established players like Uber. The increased valuation reflects the growing demand for alternative ride-hailing services in the country. The sale of Swiggy's stake is seen as a strategic move by the company to focus on its core food delivery business, while also providing Rapido with additional resources to fuel its growth and expansion plans. The infusion of funds is expected to help Rapido strengthen its technology, increase its fleet of vehicles, and enhance its overall service offerings. The deal highlights the evolving landscape of the Indian transportation and delivery sectors, where companies are constantly seeking new opportunities to gain a competitive edge and better serve their customers.