TVS Motor Divests Rapido Stake for Rs 287.93 Crore

TVS Motor Company has agreed to divest its stake in the bike-taxi platform Rapido for Rs 287.93 crore. The agreements involve selling shares to Accel India VIII and MIH Investments One BV. This move continues the strategic partnership initiated in 2022. Regulatory approvals are pending for transaction completion.

TVS Motor Company announced on Thursday its decision to divest its stake in the bike-taxi aggregator Rapido for a sum of Rs 287.93 crore. The agreements state that shares will be sold to Accel India VIII (Mauritius) Limited and MIH Investments One BV.

The two- and three-wheeler manufacturing giant had formed a strategic partnership in 2022 with Rapido, an on-demand delivery and mobility platform, as part of a broader collaboration within the commercial mobility sector.

According to the filing, TVS Motor plans to sell 11,997 Series D CCPS to Accel India VIII for Rs 143.96 crore, and a combination of 10 Equity Shares and 11,988 Series D CCPS to MIH Investments One BV for Rs 143.97 crore. The transaction awaits regulatory approval.

(With inputs from agencies.)