TVS To Sell Stake In Rapido For Nearly Rs 288 crore

TVS Motor Company on Thursday announced that it has entered into agreements to divest its stake in bike-taxi aggregator Rapido for Rs 287.93 crore.

PTI quoted the exchange filing as stating that the two-

and three-wheeler manufacturer has signed agreements with Accel India VIII (Mauritius) Limited and MIH Investments One BV for the monetisation of investment held in Roppen Transportation Services Private Limited (Rapido).

In 2022, TVS Motor had entered into a strategic partnership with Rapido, an on-demand delivery and mobility platform, to work in areas of mutual interest and the commercial mobility ecosystem.

As per the latest statement by TVS Motor, the firm proposes to divest its shareholding in Rapido, comprising 11,997 Series D CCPS, to Accel India VIII (Mauritius) for Rs 143.96 crore and 10 number of Equity Shares and 11,988 number of Series D CCPS to MIH Investments One BV for Rs 143.97 crore.

The completion of the transaction is subject to regulatory approvals obtained by buyers, it added.