TVS Motor Company on Thursday announced that it has entered into agreements to divest its stake in bike-taxi aggregator Rapido to Accel India and MIH Investments (Prosus) for a total consideration of nearly $33 million (Rs 287.94 crore).
In its latest filing to the Bombay Stock Exchange, TVS Motor said that it has entered into agreements for the sale of 11,997 Series D CCPS to Accel India VIII (Mauritius) for Rs 143.96 crore and 10 equity shares and 11,988 number of Series D CCPS to MIH Investments One BV for Rs 143.97 crore.
The completion of the transaction is subject to regulatory approvals.
TVS Motor had first invested in Rapido in 2022 as part of a strategic partnership aimed at exploring collaboration opportunities in areas of mutual interest, particularly in the commercial mobility and last-mile delivery ecosystem.
This development marks the second major investor exit from Rapido. In September, food-tech giant Swiggy had sold its roughly 12% stake in the company for about $270 million, securing a 2.5x return on its investment made less than four years ago.
Swiggy cited potential conflicts of interest with Rapido’s growing mobility and delivery operations as a key reason for its withdrawal.
Rapido, known for its bike-cab services, entered the food delivery space in June this year. Founded in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR, Rapido was last valued at $1.08 billion in 2024, according to Tracxn.
