Khaitan & Co advise in TVS Motor, Rapido deal

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Khaitan & Co advise in TVS Motor, Rapido deal

TVS Motor Company has entered a partnership with Bengaluru-based Rapido as opportunities in the food deliveries and on-demand courier services market rev up along with the trend towards electric vehicles.

Khaitan & Co partner Vivek Sriram with associates Aswathy Thomas and Nabarun Chandra Ray advised Chennai-based TVS Motors.

The valuation and stake acquired were not disclosed in the deal report filed with the exchanges in April.

Rapido, founded in 2015 by Rishikesh SR, Pavan Guntupalli and Aravind Sanka, is a bike-and-taxi calls aggregator and logistics-service provider. The company received USD180 million in funding from Swiggy in April, raising its valuation to USD830 million. Apart from TVS Motor, the series D funding had investors such as Westbridge, Shell Ventures and Nexus Ventures.

TVS Motor, under its flagship company TVS Group, and food delivery major Swiggy, collaborated to use TVS Motor’s electric vehicles for food delivery and other on-demand services.

The deal is in line with TVS Motor’s expansion into two- and three-wheeled electric vehicles segment with a launch planned to take place by mid-2023.