JM Financial on Wednesday retained ‘Reduce’ rating on Swiggy with target of Rs 440, calling Rapido stake sale a temporary fix and moves to restructure Instamart as steps to position it as an Indian-Owned-and-Controlled Company (IOCC).

Swiggy announced that it will divest its entire ownership in Rapido to MIH India Food Holdings BV (Prosus) and Setu AIF Trust (Westbridge) for a total consideration of Rs 2,400 crore (pre-tax). Prosus is a shareholder in Swiggy with 23.3 per cent holding as of June 2025. Advertisement

In addition, Swiggy has also announced the slump sale of its Instamart business to Swiggy Instamart Private Ltd, an indirect wholly-owned subsidiary. The transfer of the Instamart business is likely to go through after Q3FY26.

Rapido stake sale

JM Financial said Rapido sta

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