Deal watch: TVS Motor sells Rapido stake for Rs 288 cr; marks full exit from 2022 partnership

TVS Motor Company on Thursday said it has entered into agreements to divest its stake in bike-taxi aggregator Rapido for Rs 287.93 crore, marking a monetisation of its earlier investment in the Bengaluru-based mobility platform, PTI reported.In an exchange filing, the two- and three-wheeler maker said it has signed agreements with Accel India VIII (Mauritius) Limited and MIH Investments One BV to sell its holdings in Roppen Transportation Services Pvt Ltd, the parent company of Rapido.TVS Motor will divest 11,997 Series D CCPS to Accel India VIII (Mauritius) for Rs 143.96 crore, and another 10 equity shares along with 11,988 Series D CCPS to MIH Investments One BV for Rs 143.97 crore.The company said completion of the transaction will depend on regulatory approvals obtained by the buyers.TVS Motor had entered into a strategic partnership with Rapido in 2022 to collaborate on commercial mobility and on-demand delivery solutions. The stake sale signals a full exit from that earlier tie-up.