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Prosus N.V., the global consumer internet group chaired by South African billionaire Koos Bekker, has invested about $221.8 million in Indian ride-hailing startup Rapido. The move increases Prosus’s ownership in one of India’s fastest-rising mobility firms at the same time food-delivery giant Swiggy decided to exit.
Swiggy sold its entire 11.8 percent stake in Rapido for ₹2,400 crore ($270.44 million) in a secondary deal split between Prosus and long-time backer WestBridge Capital. Prosus’s subsidiary MIH Investments One B.V. acquired shares worth ₹1,968 crore ($221.76 million), while WestBridge Capital picked up the remaining ₹431.5 crore ($48.62 million) portion.
Rapido’s rise and valuation surge
Founded in 2015, Bengaluru-based Rapido began with bike taxis before moving into auto rickshaws, cabs and last-mile delivery. It now operates in over 100 cities and has raised $600 million, making it India’s third-largest ride-hailing firm after Ola and Uber.
In June, the company launched a food delivery service, Ownly, in Bengaluru. Unlike rivals, it charges restaurants a flat fee and shares customer data, a model that drew interest from India’s restaurant lobby but also created friction with Swiggy, which later sold its stake.
The deal values Rapido at more than ₹20,000 crore ($2.25 billion), up sharply from its 2024 funding round valuation of ₹8,500 crore ($957.8 million). Swiggy, which invested in 2022, more than doubled its money on exit, helping offset mounting losses, including a ₹1,197 crore ($134.9 million) net loss in the June quarter despite 54 percent revenue growth.
India’s wider mobility play
The Amsterdam-listed internet group, Prosus has invested close to $9 billion in Indian startups spanning e-commerce, payments, education and food delivery. It holds a large stake in Swiggy and has backed firms such as Meesho and BYJU’S. The Rapido deal deepens its position in mobility, putting it on both the transport and delivery sides of India’s consumer economy.
Ashutosh Sharma, head of India investments at Prosus, has said the firm’s focus is on serving the expanding middle class with affordable, tech-driven services. Rapido’s combination of budget rides and willingness to branch into new areas fits neatly into that strategy.
Prosus’s bigger picture
Prosus was created in 1997 under South Africa’s Naspers, where Bekker still serves as chair. Since its Amsterdam listing in 2019, the company has mixed share buybacks with selective bets on fast-growing consumer platforms. Bekker personally owns 0.84 percent stake in Prosus, which is currently worth more than $1 billion.
For Prosus, investing in Rapido fits with its long-term strategy of backing scalable Indian startups early on and helping them as competition gets tougher and rules change. The deal gives Rapido new money and worldwide recognition as it tries to grow beyond two-wheelers and create a brand for consumer services that covers more than just bikes.
