New Delhi, Aug. 7 -- Rapido recently announced a strategic shift from ride-hailing to food delivery, placing it in direct competition with Swiggy and Zomato, which already dominate India's fast-growing market.

Interestingly, Swiggy holds a 12% stake in Rapido, purchased for Rs.950 crore in April 2022. That holding has since swelled to Rs.2,500 crore. Citing a conflict of interest, Swiggy is now preparing to offload its entire stake, strengthening its coffers in the process.

Investors have welcomed the move. Swiggy's stock has gained nearly 3% since Wednesday, extending a 30% rally over the past three months. Still, it trades 8% below its listing price. For comparison, Eternal (Zomato) is up 11% over the same period.







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