India, Sept. 25 -- Swiggy's double move to hive off its quick commerce vertical Instamart into a step-down subsidiary and exit mobility startup Rapido underscores a strategic shift in its playbook.

The food delivery giant filed the updates in an exchange filing late last evening.

Whispers over Swiggy's likely exit from Rapido turned louder since the mobility company entered the food delivery space with the launch of Ownly. What was once a portfolio bet had suddenly turned into a competitive conflict for the food aggregator.

The Swiggy board approved the sale of its stake to existing Rapido investors Prosus (also an investor in Swiggy) and Westbridge for INR 2,400 Cr. According to media reports, the company reaped a 2.3-fold return on t...