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TVS has entered into an agreement with Accel and MIH Investments to completely divest from Roppen Transportation Services, the operator of Rapido for ₹288 crore.
The deets: under this agreement, TVS will sell:
- shares worth ₹143.96 crore to Accel India VIII (Mauritius)
- shares worth ₹143.97 crore to MIH Investments One BV
TVS Motors had first signed a strategic partnership with Rapido in 2022 to explore collaboration opportunities.
Why it’s happening: with this divestment, TVS wants to monetise its investment from the ride-hailing company. Notably, the announcement also comes at a time when Swiggy is in the process of selling its 12% stake from Rapido to Prosus and WestBridge Capital.
With these sell-offs and partnerships, Rapido wants to eventually scale its core ride-hailing operations and expand its food-delivery segment Ownly.
