India’s scrappy bike-taxi startup has become the hottest ticket in town. Once valued at $1.1 billion, Rapido is now eyeing a $2.5–2.7 billion valuation as Swiggy looks to offload its 12% stake, worth more than $320 million. And the suitors are lining up. Prosus NV is reportedly ready to splash $150–180 million to grab the lion’s share, while Nexus Venture Partners and WestBridge Capital don’t want to be left behind. Swiggy, which bought into Rapido in 2022 for $180 million, now finds itself competing with its one-time ally as Rapido rolls out its own food-delivery service. Is this a bold new frontier for Rapido—or a risky fight with giants like Swiggy and Zomato? Investors clearly see promise. Dara Khosrowshahi, CEO of Uber, has named Rapido its fiercest rival in India, while existing backers like TVS Motor Company and Yamaha Motor Company are likely to double down. With cheaper commissions for restaurants and a playbook borrowed straight from Swiggy’s kitchen, Rapido is no longer just a ride-hailing story—it’s gearing up to disrupt food delivery too. Read the full report by Sakshi Sadashiv and Sneha Shah. Market WatchMarkets ended mixed on Monday as the Sensex slipped 119 points to 81,786 and the Nifty 50 fell 45 points to 25,069, snapping an eight-day winning streak. Broader markets outperformed, with the Nifty Midcap 100 climbing 259 points and the Nifty Bank adding 79 points. The Indian rupee closed marginally firmer at 88.21 against the US dollar. Click here to know the factors that moved the market today. India’s WPI inflation rebounded to 0.52% in August, a four-month high, ending two months of contraction as rising food prices drove the uptick. India’s merchandise trade deficit eased to $26.49 billion in August from $27.35 billion in July, as exports rose on strong demand for engineering, electronics, and pharma goods. Premium readsReport card: India's 10 biggest conglomerates have had mixed fortunes in a turbulent 2025 Mint Explainer | PLI reopened for white goods: a strategic move or an industry crutch? This kitchen sink maker's rally faces its toughest test: Trump’s tariffs What's the fuss about iron ore export duty and why does it matter? Get a head start on tomorrow’s Print edition:Plain Facts: Tesla’s $1 trillion gamble on Elon Musk — explained in 5 charts Mark to Market: Bajaj Finance: Can the consumer finance king beat its own guidance? Mint News: The tech job shift: How Hyderabad is catching up to Bengaluru Mint Money: Insuring care: Protecting India’s elderly—and those who care for them Sneak a PeekLong Story, a much-loved Mint feature, is published every weekday. Before the next piece hits the stands, here’s your exclusive glimpse into what’s brewing on our desk. Catch the story in the morning edition. Cows vs trade deals: The battle for India’s milk marketIndia and the US are negotiating a trade pact but India’s unwillingness to open up the agriculture and dairy sectors have become a sticking point. The country’s dairies are inefficient and still need protection. However, companies like Akshayakalpa and Milky Mist have turnaround ideas. Trending TodayFrom banana figurines to sareesAfter the viral Nano Banana AI 3D figurine craze, Instagram is now buzzing with the “Banana AI Saree” trend. Using Google’s Gemini Nano Banana tool, users are transforming selfies into 90s Bollywood-style portraits—complete with chiffon sarees, golden-hour lighting, and retro grainy textures. Popular edits feature polka dots, floral accents, and dramatic party-wear sarees, all powered by quirky AI prompts. Love a Mint story? Here's how to support it.Do you have a favourite writer at Mint? Every day, we strive to publish stories that need to be told, and your digital subscription makes all the difference. It tells us we’re on the right track and helps us continue delivering the in-depth journalism you rely on. If you’re not yet a subscriber, now’s the perfect time to join! Starting today, many of our staff writers are sharing special, personalized discount coupon codes. So if there's a Mint writer whose work you admire, reach out to them on social media or via email and ask for their unique coupon code! (And if you're already a subscriber, a quick note telling them you appreciate their work would still make their day!) Note: The coupon codes are available only with in-house writers, and not our external columnists. If your request for a code fails, please write to me at shravani.sinha@livemint.com. Thanks for reading! Edited by Rashmi Sanyal. Produced by Shad Hasnain.
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