Big Exit: TVS Motor sells entire stake in Rapido for Rs 288 crore to Prosus, Accel

TVS Motor Company is selling its entire stake in bike-taxi and mobility startup Rapido for Rs 287.93 crore, marking a full exit from the company it first backed in 2022.

The Chennai-based automaker announced that it has signed definitive agreements with Accel India VIII (Mauritius) Limited and MIH Investments One BV, an entity of Prosus, for the monetisation of its investment in Roppen Transportation Services Pvt. Ltd., which operates under the Rapido brand.

According to the stock-exchange filing, TVS Motor will sell 11,997 Series D compulsorily convertible preference shares (CCPS) to Accel India VIII (Mauritius) for Rs 143.96 crore, and 10 equity shares along with 11,988 Series D CCPS to MIH Investments One BV for Rs 143.97 crore.

TVS had formed a strategic partnership with Rapido in 2022 to collaborate across commercial mobility and last-mile delivery segments. The divestment now comes amid renewed investor activity in the urban mobility space, following Swiggy’s Rs 2,399 crore exit from Rapido in late September 2025. Swiggy, which held roughly a 12% stake, reportedly exited at a 2.5x return, citing a potential conflict of interest as Rapido ventured into food delivery.

The twin transactions make this the second major investor exit from Rapido in recent months and underscore shifting alliances in India’s evolving mobility ecosystem. Following Swiggy’s exit, Prosus, a common investor in both companies, raised its ownership in Rapido, while Accel, also a Swiggy backer, joined as a new shareholder.

In August, the company began piloting its standalone food-delivery app, Ownly, in select Bengaluru neighborhoods, including Koramangala and HSR Layout, and is preparing for a broader rollout by the end of November.