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 offered its whole holding.
On Thursday, TVS Motor mentioned in a inventory change submitting (PDF) that it has offered its whole 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 automotive companies, and has additionally added courier companies to its platform. It has extra lately been piloting a food-delivery service in choose cities, coming 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 current backers comparable to WestBridge Capital, Shell Ventures and Nexus Enterprise Companions. The automaker purchased its stake at the moment for ₹1.14 billion, in keeping with its earlier investor disclosures (PDF).
As a part of the newest transaction, Accel bought 11,997 desire shares in Rapido, whereas Prosus acquired 11,988 desire shares and 10 fairness shares. Each traders 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 would shut subsequent yr, in keeping with two folks aware of the matter who spoke to TechCrunch. The precise funding dimension has but to be decided.
Prosus is already an investor in Rapido and expanded its stake by way of one other secondary share sale in September, when Swiggy offered its whole 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.
