, a leading player in food delivery and quick commerce, experienced a nearly 1% decline in its share price during early trading on Wednesday, September 24, despite positive sentiments from brokerages regarding its recent strategic moves. By 9:55 a.m., Swiggy shares were trading at Rs 444.2 on the NSE, down 1.1% from the previous close. Rapido Stake Sale Bolsters Cash Reserves In a significant development, Swiggy divested its 12% stake in transport aggregator Rapido for Rs 2,400 crore to Prosus and Westbridge. The company had initially acquired the stake in April 2022 for Rs 1,000 crore, yielding a substantial profit on the transaction. Analysts view this monetization as a strategic move to strengthen Swiggy’s financial position. "The sale of the Rapido stake significantly boosts Swiggy’s cash reserves, providing the company with ample resources to support the high-growth, high-burn phase of its quick commerce arm, Instamart," noted a spokesperson from Swiggy. The influx of funds is expected to help Swiggy navigate the competitive quick commerce landscape while sustaining its operational momentum.

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