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. The share sale comes just weeks after Rapido began piloting food deliveries , edging into Swiggy’s core territory.

Swiggy has offloaded its entire 12% stake in Rapido for ₹24 billion (about $270 million) through two separate deals, according to regulatory filings. Around 10% of the stake is being acquired by Prosus for ₹19.68 billion (roughly $222 million), while the remaining stake is being sold to WestBridge Capital for ₹4.31 billion (about $49 million), according to regulatory filings released after Swiggy’s board meeting on Tuesday.

The Dutch investment group Prosus is already a common backer of both Swig

See Full Page