Accel has invested in Rapido, the ride-hailing platform competing with Uber in India, whereas Prosus has elevated its stake, after Indian two-wheeler large TVS Motor bought its complete holding.
On Thursday, TVS Motor mentioned in a stock exchange filing (PDF) that it has bought its complete stake in Rapido for ₹2.88 billion (about $32 million) to Accel and Prosus’ funding unit, MIH Investments, securing a return of greater than 152% over the previous three years.
Based in 2015, Rapido has grown into a significant participant in India’s ride-hailing market, competing with Uber, Ola, and inDrive. The corporate started with bike taxis earlier than increasing into auto-rickshaw bookings and automobile providers and has added courier providers to its platform. It has extra not too long ago been piloting a food-delivery service in choose cities, getting into a section dominated by Swiggy and Zomato.
TVS Motor first invested in Rapido in April 2022 as a part of the corporate’s $180 million Sequence D spherical, becoming a member of present backers akin to WestBridge Capital, Shell Ventures, and Nexus Enterprise Companions. The automaker purchased its stake at the moment for ₹1.14 billion, in accordance with its earlier investor disclosures (PDF).
As a part of the newest transaction, Accel bought 11,997 choice shares in Rapido, whereas Prosus acquired 11,988 choice shares and 10 fairness shares. Each buyers paid about ₹1.44 billion (roughly $16 million) every.
Accel’s backing of Rapido marks a return to India’s ride-hailing sector for the agency, which was an early investor in Ola. The transfer comes as Rapido is in talks with Accel and Prosus for a brand new major funding spherical that might shut subsequent yr, in accordance with two individuals acquainted with the matter who spoke to TechCrunch. The precise funding measurement has but to be decided.
Prosus is already an investor in Rapido and expanded its stake via one other secondary share sale in September, when Swiggy bought its complete holding. That transaction doubled Rapido’s valuation to $2.3 billion, TechCrunch reported.
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Accel and Prosus are additionally early backers of Swiggy, which exited Rapido after citing a possible battle of curiosity, because the ride-hailing startup ready to develop into the food-delivery market.
Accel and Prosus didn’t reply to requests for remark. Rapido couldn’t be reached for remark.
