Prosus' arm seeks CCI nod for raising stake in Rapido

NEW DELHI: An arm of Dutch investment firm Prosus has sought the approval of the Competition Commission of India (CCI) to acquire an additional stake in ride-hailing and delivery services startup Rapido.

In a filing with the competition regulator, MIH Investments One BV said the stake acquisition in Roppen Transportation Services (Rapido) "will not lead to any change in the competitive landscape or cause any appreciable adverse effects on competition in India, irrespective of the manner in which the relevant market is delineated".

MIH, an indirect wholly owned subsidiary of Prosus, doesn't undertake any business activity other than holding investments in its portfolio companies having businesses in India, as per the filing. The filing didn't mention the quantity of stake it plans to purchase.


Prosus held 2.7% in Rapido as of June, as per market intelligence platform Tracxn.

In September, food and grocery delivery firm Swiggy announced its plan to sell its entire 11.8% stake in Rapido to Prosus and WestBridge Capital for a total of Rs 2,400 crore. Of this, Prosus alone was to acquire shares worth Rs 1,968 crore. Swiggy had cited conflict of interest as the reason for selling its Rapido holding, after the latter entered the food delivery space. The transactions valued Rapido at ?20,330 crore (about $2.3 billion), reflecting a surge from its $1.1-billion valuation when the mobility firm raised funds in 2024.

Earlier this month, TVS Motor Company said it would offload its shares in Rapido to Prosus and venture capital firm Accel for a total of Rs 288 crore. Various funds, including Prosus, account for a 59.19% stake in Rapido, according to the Tracxn data.