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Uber rival Rapido doubles valuation to $2.3B following Swiggy stake sale
Swiggy has offloaded its entire 12% stake in Rapido for about $270 million through two separate deals.
Rapido, a popular ride-hailing platform in India that competes with Uber, has doubled its valuation to $2.3 billion following a secondary share sale by food delivery giant Swiggy. Swiggy’s early partnership gave Rapido a window into customer demand patterns and the operational challenges faced by restaurants on the platform, including the commissions required to receive orders, a source familiar with the matter told TechCrunch. In a July letter to shareholders, Swiggy stated it was reassessing its stake in Rapido due to a potential conflict of interest, as the ride-hailing company prepared to enter the food delivery market.
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