Swiggy to re-evaluate Rapido stake citing potential conflict of interest

Bengaluru: The optional convenience firm on Thursday, the mobility initiative has recently entered the food distribution segment in the future, indicating a potential conflict of interest in the future, driving greeting Startup Rapido will re -evaluate the investment, he said.

“Rapido is the largest mobility player in India and is a disruptive in its field.

“~ 12% minority shares have been significantly appreciated since our investment (basic interest) and we actively re -evaluate our investment due to the above developments.”

In April 2022, Swiggy led to an investment of $ 180 million to Rapido, and for a share of about 12%, it was the largest check by the food and grocery distribution company. The agreement was expected to help Swiggy find synergies with Rapido riders.

The company’s investment in Rapido said in April, Founding Partner of Swiggy (CEO) Sriharsha Majety, said: “While working together, this investment makes it easier to comply with the synergies between the platforms and improves the value we provide to consumers and distribution managers/captains in the country.”

In June, Rapido entered the food delivery through a pilot called ‘Own’ in Bengaluru and charged a fixed fee per order to restaurants.

The competition in the food distribution segment is intensified and regular food service companies lead to preparing products for shorter delivery time schedules. Mint Previously, 10 -minute food delivery has been reported as the best suggestion for many residents and new players.

Fast trade platforms also joined Bandwagon. Zepto was the first among the peers who launched a rapid food distribution service in 2022, Zepto Cafe. In December last year, he launched an independent application for food work.

In November, Swish, the Fast Food Distribution attempt based on Bengaluru, collected $ 2 million from venture capital Focus and other investors. Swish was founded in August 2024.

Net loss in Swiggy’s June quarter La1.197 Crore, weighed with accelerated investments in the fast trade arm to keep up with increasing competition. Consolidated income of the company in the quarter of the examination La4,961 against Crore La3,222 Crore in the same period a year ago.