Swiggy to sell preference shares held in Rapido for Rs 431.5 cr to Westbridge

New Delhi, Sep 23 (PTI) On-demand convenience firm Swiggy Ltd on Tuesday said it will divest nearly 36,000 compulsorily convertible preference shares held by it in bike taxi aggregator Rapido to Westbridge for nearly Rs 431.5 crore.

The board of directors of the company, at their meeting held on September 23, 2025, have approved the proposal for sale of 35,958 Series D Compulsorily Convertible Preference Shares (CCPS) held by it in Roppen Transportation Services Pvt Ltd (Rapido) to Setu AIF Trust, a fund registered under the SEBI, and/or its affiliates (Westbridge), Swiggy Ltd said in a regulatory filing.

A share purchase agreement (SPA) will be executed by Swiggy Ltd with Setu AIF Trust and/or its affiliates (Westbridge), it added.

The company will divest 35,958 CCPS held by it in Rapido to Westbridge for a consideration of nearly Rs 431.5 crore on the terms and conditions specified in the SPA, it added.

On the purpose of entering into the SPA, Swiggy said, "As a strategic decision, the transaction will help to realise the investments of the company, for the benefit of the company and its shareholders." Swiggy said the consummation of the sale is conditional on completion of conditions, and the SPA also provides the representations and warranties and indemnification obligations of the parties, customary to transactions of similar nature. PTI RKL SHW