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Radisson expands in East India with three new hotels

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Radisson is significantly strengthening its presence in East India by signing three new properties in Deoghar, Puri, and Ranchi. Moreover, this strategic move aligns perfectly with the hotel group’s broader expansion plans for India. As a result, it will add a total of 400 rooms across these three key destinations.

The three upcoming properties — Radisson Blu Hotel in Deoghar, Radisson RED in Puri, and Radisson Resort & Spa in Ranchi — will strategically leverage on unique regional opportunities. According to the group, these hotels will cater to local market needs while offering experiences that reflect global hospitality standards.

In Deoghar, Jharkhand, the Radisson Blu Hotel will become the city’s first internationally branded upper-upscale property. Deoghar, recognized for its spiritual significance and growing medical tourism, is also emerging as a destination for large weddings and MICE (meetings, incentives, conferences, and exhibitions) events. Strategically situated near Deoghar Airport and AIIMS, the hotel will offer scenic views of the Tapovan and Trikuta Hills, aiming to cater to pilgrims, wellness seekers, and event organizers alike.

In Odisha, Radisson will introduce the state’s first hotel under the vibrant Radisson RED brand in Puri. Located on New Marine Drive Road near Puri Beach, the hotel will feature RED’s signature contemporary design along with carefully curated food, beverage, and wellness experiences. Targeting both modern leisure travelers and spiritual tourists, the property is expected to attract substantial crowds, especially during major events like the annual Ratha Yatra at the iconic Shree Jagannath Temple.

The Ranchi property, branded as Radisson Resort & Spa, will be located along the Ranchi–Jamshedpur highway amidst lush greenery. Designed as a premium destination, the resort will primarily cater to MICE events, weddings, and leisure travelers. Furthermore, as Ranchi continues to grow as an administrative and economic center, this hotel will mark Radisson’s fifth property in Jharkhand and its second in the state capital.

“With the growing momentum of spiritual, cultural, and medical tourism in India, Radisson Hotel Group is focused on staying ahead of the curve by offering world-class luxury and upscale hospitality across cities. With over 13 (five operational, eight in pipeline) properties in East India, this three-hotel signing deal is a strong testament to our commitment to expanding in high-potential markets across the country,” Nikhil Sharma, Managing Director and COO, South Asia, Radisson Hotel Group, said.

The Radisson Blu Hotel in Deoghar will feature regionally inspired food and beverage offerings, along with expansive spaces for meetings and events—specifically targeting weddings and corporate gatherings. As the first internationally upper-upscale hotel in the area, the property will enhance Radisson’s brand presence and recognition in the region.

“With strategic locations and tailored brand offerings, these hotels will further reinforce our presence in East India while delivering an exceptional experience to the guests,” he added.

Radisson RED Puri will offer 105 rooms, blending lifestyle-driven design with practical, functional spaces.The hotel will divide into two distinct sections: a beachfront zone offering low-rise rooms, a swimming pool, and a dining outlet, and a second block-style structure housing additional rooms, a rooftop bar with ocean views, meeting spaces, and wellness facilities. According to the group, this will be Puri’s first upscale lifestyle hotel, setting itself apart from existing and upcoming branded properties with a unique format and experience.

The Ranchi resort will span eight acres and feature 175 rooms, complemented by extensive meeting and banquet facilities. The company highlighted that this development will meet the increasing demand for upscale resort-style accommodations in the region, particularly for weddings and social MICE events.

Davashish Srivastava, Senior Director, Development South Asia, Radisson Hotel Group, said, “This signing reflects our continued focus on unlocking value in high-potential micro-markets that are witnessing strong demand across spiritual, leisure and business travel segments. Deoghar, Puri and Ranchi each present a distinct opportunity — from being deeply rooted in religious & leisure tourism circuits to evolving into emerging economic and wellness hubs.”

Sanjay Kumar Sharda, director of Sharda Devcon Private Limited—Radisson’s partner on these projects—stated that collaborating with Radisson Hotel Group aligns with their goal of delivering high-quality hospitality experiences in emerging destinations. He added that, leveraging Radisson’s operational expertise and strong brand reputation, they are confident the partnership will enhance the hospitality sector in Jharkhand and Odisha, providing travelers with world-class comfort grounded in the region’s unique culture.

The partnership between Radisson Hotel Group and Sharda Devcon Private Limited marks a significant milestone in elevating hospitality standards across East India. With a focus on delivering world-class experiences in Deoghar, Puri, and Ranchi, this expansion will not only boost regional tourism but also support the growing demand for premium accommodations and event spaces in these emerging markets.

WiseTech Global to acquire E2open for $2.1 Billion

Australian software firm WiseTech Global revealed its largest acquisition to date—a $2.1 billion deal to acquire U.S.-based cloud solutions provider E2open, aimed at expanding its range of product offerings.

The acquisition will be entirely financed through a newly secured $3 billion debt facility, backed by a consortium of nine lenders, including Deutsche Bank and HSBC. This move represents a bold step by WiseTech to strengthen its global presence.

As part of the deal, WiseTech Global is offering $3.30 per share for E2open — a 24.5% premium over the U.S. firm’s most recent closing price.

WiseTech shares opened over 5% higher in Sydney, last trading up 5.2% at A$106, reflecting investor optimism around the deal.

The acquisition will significantly boost WiseTech’s software capabilities as the company integrates E2open’s expertise in supply chain planning, procurement, trade compliance, and channel management.

The acquisition comes at a crucial time for the Sydney-based company, following a period of turbulence. In October 2024, billionaire cofounder and major shareholder Richard White stepped down as CEO after media reports alleged financial transactions involving a former sexual partner. The controversy led to heightened reputational scrutiny and triggered a sharp decline in WiseTech’s share price.

E2open has recently faced concerns about its growth outlook, driven by increasing macroeconomic uncertainty.

This latest acquisition far surpasses WiseTech’s earlier deals—such as the $414 million acquisition of Blume Global in 2023—and strategically positions the company as a more prominent player in the broader enterprise logistics and supply chain technology sector.

Andrew Appel, e2open’s Chief Executive Officer said: “E2open and WiseTech have complementary products across transport, logistics, supply and demand ecosystems, and both organizations are committed to improving the efficiency, productivity and security of global supply chains through better use of technology, data, automation and artificial intelligence. This strategic combination empowers our people, and our customers who make, move, and sell goods and services to unlock new levels of efficiency and sustainability. As the connected supply chain platform, we are excited to join forces with WiseTech to create a truly global, intelligent logistics ecosystem as we jointly lead the digital transformation of our industry.”

With this acquisition, WiseTech takes a bold step to expand its global presence and strengthen its position in the enterprise logistics and supply chain technology space. By integrating E2open’s solutions, WiseTech actively enhances its software portfolio and reinforces its commitment to driving innovation across the global supply chain.

Oyo-owned Belvilla acquires rental platform MadeComfy

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Belvilla by Oyo, the vacation home management company owned by Oyo, has acquired the Australian short-term rental platform MadeComfy through a cash-and-stock agreement, following a unanimous (100%) approval at the Extraordinary General Meeting (EGM) of Oyo’s parent company, Oravel Stays.

As part of the agreement, the company will issue shares valued at $1.9 million (₹16 crore) upfront, priced at $0.67 (₹57.09) per share—placing Belvilla’s parent company, Oyo, at an approximate valuation of $5 billion (₹42,500 crore). Additionally, deferred shares worth $9.6 million (₹81 crore) will be issued after two years. The deal also includes a cash payment, the details of which have not been publicly disclosed.

Founded in 2015 by Sabrina Bethunin and Quirin Schwaighofer, MadeComfy manages more than 1,200 properties across Australia, with operations in major cities such as Sydney, Melbourne, Brisbane, Perth, and Adelaide. The company also operates in New Zealand, managing properties in Auckland, Wellington, and Hamilton.

MadeComfy generated revenues of $9.6 million (₹81 crore) in 2024 and functions as a short-term rental property management service, working closely with property investors to maximize their rental income.

In 2019, Oyo acquired the @Leisure Group, which included the Belvilla brand, to grow its vacation home rental business in Europe.

Belvilla’s portfolio boasts 50,000 holiday homes across 20 European countries, including the Netherlands, Belgium, Germany, France, Italy, and Spain. The platform offers full-service vacation home rental and management, helping homeowners increase demand and boost revenue through Online Travel Agents (OTAs) as well as its own website and app.

In December 2024, Oyo acquired G6 Hospitality—the parent company of Motel 6 and Studio 6—from Blackstone Real Estate in an all-cash deal worth $525 million. This acquisition added around 1,500 franchised hotels across the US and Canada to Oyo’s portfolio.

In March, Oyo founder Ritesh Agarwal emailed the company’s senior leadership, stating that Oyo is on track to achieve over 60% year-on-year revenue growth in the fourth quarter of the financial year 2025, with revenues exceeding ₹2,100 crore.

“A key contributor to this performance has been the integration of G6 Hospitality, adding Rs 275 crore to our revenue,” stated Agarwal in his email. “Even without G6, our revenue stands strong at Rs 1886 crore, demonstrating robust organic growth of 42%,” he added.

Looking ahead, Agarwal projected that the company expects a profit after tax of ₹1,100 crore for the financial year 2026, along with an EBITDA of ₹2,000 crore. He credited this anticipated success to strong performance in core markets like India and the US, complemented by significant contributions from emerging markets in Southeast Asia and the Middle East.

Eternal faces $840 Mn outflows after FTSE, MSCI’s weight cuts

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Food delivery firm Eternal, previously known as Zomato, is likely to face passive outflows amounting to $840 million, as global index providers FTSE and MSCI prepare to significantly reduce the stock’s weighting in their indices.

The decision comes in response to a cut in the Foreign Ownership Limit (FOL), leading to a drop in investability weighting within the FTSE All World Index from 82.74% to 49.5%.

The limit restricts how much of a company’s shares foreign investors can own. When authorities lower this cap, index providers like FTSE and MSCI reduce the stock’s weight in their indices to reflect the decreased availability for global investors.

According to a statement issued by FTSE, Eternal will continue to be part of the index, with the total number of issued shares remaining unchanged at 9,064,966,438.

The revised weighting will take effect at the start of trading on Wednesday, May 28.

“Unlike headroom-related reductions (which are implemented in a phased manner), a direct FOL cut may lead to a full investability weight reduction in a single step during this interim event. We expect outflows of $380 million from this downward revision,” a note by IIFL Alt Desk said.

MSCI has also announced a change in the Foreign Inclusion Factor (FIF) for Eternal, alongside its May review, which could lead to an additional outflow of $460 million, according to IIFL Alternative Research Desk. These adjustments will take effect from May 30, 2025.

Eternal’s stock has come under pressure following a shareholder decision where 99% voted in favor of capping foreign ownership. As a result, analysts at Jefferies estimate total potential outflows of up to $1.3 billion due to these index-related changes.

Sterling Holiday Resorts surpasses ₹5 Bn in annual revenue for the first time

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Sterling Holiday Resorts has reported its financial results for FY25, achieving a milestone revenue of ₹5,202 million—a 13% year-on-year growth. The company also sustained a strong EBITDA margin of 34% and continued to operate with zero debt.

In FY25, Sterling expanded its portfolio to over 3,200 keys and 61 resorts across 53 destinations nationwide. The launch of new properties in the fourth quarter at Jaisalmer (Rajasthan), Tipeshwar (Maharashtra), and Amritsar (Punjab) bolstered this growth.

Sterling now has a presence across 17 Indian states, with notable regional clusters including nine resorts each in Kerala and Tamil Nadu, eight each in Rajasthan and Maharashtra, and seven in Uttarakhand. Its diverse portfolio covers a range of leisure themes, featuring 13 resorts in wildlife destinations, 13 in the Himalayas, and 11 in spiritual hubs. Additionally, the company is actively growing its footprint in the business + leisure (bleisure) segment, with properties in locations such as Madurai, Karwar, Bokaro, and Dehradun.

“Crossing Rs 5 billion in revenue is a landmark moment for us. We have also crossed Rs 1 billion in food & beverage (F&B) revenue. We have reoriented our F&B offerings, set up specialty restaurants in several of our resorts, and increased our focus on the banquet business—and we will continue to leverage this source of revenue. We remain focused on delivering high-quality, differentiated experiences as we expand across India through our asset-right strategy,” said Mr. Vikram Lalvani, MD & CEO, Sterling Holiday Resorts.

Sterling Holiday Resorts continues to excel in customer satisfaction, with Sterling Kanha winning the prestigious TripAdvisor Traveller’s Choice “Best of the Best” Award for the third consecutive year.

In total, 30 Sterling resorts received Traveller’s Choice Awards, with 10 properties achieving this honor for three consecutive years and another eight for two years in a row. Further highlighting its excellence, Sterling Puri— the company’s 121-key flagship property—was named Best Family Resort of the Year at the CMO Asia Odisha Leadership Awards 2025.

Beyond hospitality, Sterling is deeply committed to sustainability and social impact through its ESG initiative, Sterling Sankalp. To begin with, the initiative places a strong emphasis on energy efficiency, demonstrated by the installation of heat pumps, EV charging stations, and strategic investments in solar and wind energy.

Additionally, in the area of waste management, the company has taken significant strides toward eliminating plastic usage—for instance, by implementing in-house water bottling plants at four of its resorts.

Sterling is also advancing water conservation through rainwater harvesting and greywater recycling systems. On the CSR front, it continues its support for the Fairfax India Charitable Foundation’s “Project Dialysis,” which has facilitated the installation of over 2,000 dialysis machines across the country, contributing to vital healthcare infrastructure.

Notably, Sterling Munnar earned the prestigious Gold award at the 14th RCI Green Awards, becoming the first resort across the Middle East, Africa, and Asia-Pacific region to receive this distinguished recognition for sustainability.

Looking ahead, Sterling is optimistic about sustaining its growth trajectory. With strong demand drivers in domestic tourism, a solid pipeline of upcoming resorts, and strategic investments already made in technology, leadership, and talent development, the company is well-positioned to achieve another year of robust growth and meaningful value creation.

Flipkart expands quick commerce to tier-2 and tier-3 cities across India

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Flipkart is rapidly scaling its quick commerce initiative, Flipkart Minutes, to establish a strong presence in India’s tier-2 and tier-3 cities. Under the leadership of Kabeer Biswas, Vice President of Flipkart Minutes, the service is experiencing significant growth, with order volumes doubling approximately every 45 days.

The company plans to expand its network to 800 dark stores nationwide by the end of 2025, up from the current 400 across 17 cities.

“We’ve seen tremendous traction since launch, with Flipkart Minutes doubling business every 45 days,” Biswas said. “Our goal is to reach 800 dark stores by the end of the year. We are building a service that’s not just about fast delivery but about consistent value and access for customers across India.”

While competitors like Blinkit, Swiggy Instamart, and Zepto primarily cater to urban markets, Biswas emphasizes that Flipkart Minutes’ approach is built on scale, speed, affordability, and deep reach into tier-2 and tier-3 cities.

“Our advantage lies in scale and reach,” Biswas added. “Quick commerce can’t be an urban luxury—it has to become a nationwide utility. That’s what we’re aiming for.”

To enhance profitability and increase average order values, Flipkart Minutes is integrating a broader range of products from its parent platform’s extensive catalog. This strategy includes offering long-tail items such as electronics and personal care products, in addition to daily essentials, to encourage higher spending and improve customer retention.

“By offering a broader range of products, we’re seeing higher average order values and stronger customer retention,” said a Flipkart spokesperson. “It’s not just about instant delivery of groceries anymore; consumers are looking for a seamless experience across categories.”

Despite entering the quick commerce market later than some rivals, Flipkart’s aggressive expansion and strategic focus on underserved markets position it as a formidable player in the rapidly evolving sector.

Moët Hennessy strengthens presence with new Lucknow expansion

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Moët Hennessy India is strengthening its presence in Uttar Pradesh—a market with a strong preference for whisky and a rising appetite for premium experiences.

To strengthen its presence, the company is now rolling out its renowned portfolio—which includes Glenmorangie, Belvedere, Chandon, Moët & Chandon, and Hennessy—across upscale retail outlets, premium hotels, and luxury lounges.

Notably, this expansion targets key cities such as Lucknow, Noida, Agra, and Ghaziabad, thereby ensuring greater accessibility to its premium offerings.

Following its success in metropolitan markets like Mumbai and Delhi, this move aligns with Moët Hennessy India’s broader strategy to drive premiumization in the spirits segment.

Consequently, it aims to meet the sophisticated preferences of consumers who value quality, appreciate heritage, and seek refined social experiences.

“Uttar Pradesh stands at the confluence of tradition and aspiration. The region is witnessing a clear shift in consumer preferences to refined, globally benchmarked preferences. We see strong traction for premium and above whisky, and our curated portfolio of Glenmorangie, a luxury Scotch single malt, is designed to meet this demand,” said Ipsita Das, Managing Director, Moët Hennessy India. “As a part of our expansion while we introduce the Glenmorangie Original, a classic favorite from the house of Glenmorangie, we are also introducing Glenmorangie Infinita 18 Years Old, a 19-time global award winner, single malt recently launched in India, aimed at the country’s growing base of connoisseurs and collectors.”

This expansion underscores the company’s dedication to redefining consumer standards and enhancing social gatherings with its world-renowned spirits.

As demand for curated, high-end experiences rises, Moët Hennessy India accelerates its premiumization strategy to capture the momentum of Uttar Pradesh’s rapidly growing luxury market.

Augsenselab raises $0.5 Mn in pre-seed funding to boost remote sensing technology

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Augsenselab, a quantum sensing and remote sensing startup based in Thiruvananthapuram, has secured $0.5 million in pre-seed funding from Emul Tek Private Limited, a wholly owned subsidiary of Solar Industries India Limited.

This investment will, in turn, help Augsenselab accelerate the development of cutting-edge space- and drone-based remote sensing technologies. Moreover, Augsenselab aims to improve electronic intelligence (ELINT) systems for real-time signal intelligence and deploy high-precision atmospheric profilers for weather forecasting, disaster management, and other critical applications.

Founded in 2019 by five technology entrepreneurs—Naveen Francis Chittilapilly, Kannan Kesavapillai, Sudheer Krishnankutty Nair, Hari Nataraj, and Jinu Sukumaran—Augsenselab is, therefore, utilizing quantum sensing to enhance the accuracy of intelligence gathering.

The company is currently working on technologies such as Synthetic Aperture Radar (SAR), Ground Penetrating Radar (GPR), ELINT solutions, and high-precision atmospheric profilers, according to a press release.

Augsenselab has already inked a deal with the Kerala Development and Innovation Strategic Council to pilot a hyperlocal weather prediction system aimed at forecasting cloudbursts and, in turn, predicting landslides. “Our mission is to redefine remote sensing with quantum technology,” said Kannan Kesavapillai, co-founder and CEO of Augsenselab.

“With this funding from Emul Tek and Solar Industries, we can accelerate the deployment of next-generation sensing solutions that will enhance national security, environmental resilience, and industrial efficiency,” he said.

As demand for precision intelligence and environmental monitoring grows, the global market for quantum sensing and ELINT technologies is expanding rapidly.

Furthermore, experts project that the quantum sensing market will reach $2.4 billion by 2030, while rising climate disasters are driving demand for hyperlocal weather forecasting.

Consequently, Augsenselab is establishing itself as a leading innovator in the next generation of sensing technology.

“This investment validates the growing demand for our technology,” he said, adding, “We are building the future of sensing—one that will bring strategic advantages to defense, disaster response, and critical industries.”

Augsenselab’s cutting-edge quantum sensing and remote sensing technologies position the company to capitalize on the growing demand for precision intelligence and environmental monitoring.

Supported by recent pre-seed funding, the startup will drive innovation in ELINT systems and atmospheric profiling, actively advancing the future of sensing technology.

VITS Hotels expands footprint with launch of VITS Gurugram

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The VITSKAMATS Group has, indeed, made a notable entry into the NCR market with the launch of its first property in North India, VITS Hotels Gurugram.

Furthermore, this full-service business hotel, strategically located in the heart of Gurugram, is thoughtfully designed to cater to the evolving needs of today’s travelers. In addition, its blend of modern amenities and personalized service ensures a comfortable and seamless stay for both business and leisure guests.

With this launch, the group extends its presence into one of India’s prime business destinations, addressing the rising demand for contemporary, high-quality accommodations that offer comfort, convenience, and refined simplicity.

Ideally situated at 21/1 Mehrauli Road, Sector 14, VITS Hotels Gurugram enjoys excellent connectivity. Specifically, it is just five minutes from the highway, a 25-minute drive from IGI Airport, and only 10 minutes from the nearest metro station. As a result, it serves as a highly accessible and convenient option for both business travelers and tourists alike.

The property features 57 well-appointed rooms and suites, thoughtfully distributed across two wings—21 in Wing A and 36 in Wing B. Moreover, each room has natural light and includes expansive windows that further enhance the sense of space. As a result, the design creates a serene and open ambiance, even amid the hustle and bustle of city life.

Perfect for both short and long stays, the hotel combines modern functionality with elegant design and personalized service, offering a warm and efficient experience for the contemporary traveler.

Speaking on the launch, Dr. Vikram Kamat, Chairman of the VITSKAMATS Group, shared, “The opening of our Gurugram property marks an important chapter for VITS Hotels. For years, we’ve been a trusted name among business travelers across Western and Southern India, and North India was a natural next step in our growth story. Gurugram, with its thriving corporate presence and cosmopolitan energy, aligns perfectly with our philosophy of providing premium yet practical hospitality. We look forward to welcoming guests and becoming a preferred destination in the region.”

As North India’s hospitality sector continues to thrive, the VITSKAMATS Group remains dedicated to broadening its footprint while providing guest experiences that consistently surpass expectations.

Rapido achieves $1.25 Bn gross order value in FY25, marks 2.5x growth

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Urban mobility startup Rapido saw its gross order value (GOV) more than double in FY25, reaching $1.25 billion, driven by the launch of new services, according to sources familiar with the matter.

However, this 2.5x increase from $500 million in FY24 has come at a cost, as the company has moved further away from profitability, with a noticeable rise in its cash burn in recent months.

“The company is fulfilling 3–3.5 million orders per day across its different platforms—two-, three-, four-wheelers and hyperlocal logistics—but this has come at the cost of deviating from its path to profitability,” one of the people cited above said.

“Overall, across ride-hailing form factors, Rapido has captured about 40% market share. In the four-wheeler segment, specifically, it has eaten into Ola’s share,” the person added.

Rapido launched its four-wheeler ride-hailing service in December 2023 and announced plans in January to expand the offering to 500 cities across India.

In 2024, the Bengaluru-based startup secured $200 million in a funding round led by WestBridge Capital, which valued the company at $1.1 billion. This was followed by an additional $30 million investment from Dutch investor Prosus in February 2025.

With this fresh influx of capital, Rapido has been aggressively increasing its spending to capture a larger share of the market.

Rapido’s monthly cash burn rose to $4–5 million (Rs 40–45 crore) in 2025, marking a significant shift from its earlier focus on reducing losses, according to the sources mentioned above. In contrast, during the July–September 2024 quarter, the company had managed to cut its losses to Rs 17 crore, down from Rs 74 crore in the same period the previous year.

“The burn is likely to increase further as Rapido steps up customer acquisition in ride-hailing and prepares to launch its food delivery vertical,” an investor aware of the developments said without raising any concern over the move.

“It hasn’t spent millions like its peers to build supply,” the person explained, citing Rapido’s subscription model that charges drivers a flat fee for access to customers—unlike Uber and Ola, which operate on a commission basis for four-wheeler ride hailing.

As first reported in March, Rapido is getting ready to launch its own food delivery service. The company has started recruiting talent from Zomato and Swiggy and is currently in discussions with Indian franchisees of major QSR brands like McDonald’s, KFC, and Pizza Hut, along with other high-volume cloud kitchen operators and quick-service restaurant chains.

It’s worth noting that Swiggy, a publicly listed food delivery leader, is one of Rapido’s investors, and Prosus holds investments in both companies.

A senior executive from the food delivery sector cautioned that Rapido’s achievements in ride-hailing might not directly carry over to food delivery, which requires different operational strengths. “In ride-hailing, there’s minimal interaction between stakeholders. In food delivery, restaurants expect a point of contact to resolve issues. Rapido will need to build that muscle,” the executive said.

Rapido, founded in 2015 by Arvind Sanka, Pavan G, and Rishikesh SR, has been handling food delivery for Swiggy since the latter invested in the company in 2022.

“There’s a learning curve Rapido will have to navigate in this segment,” the investor mentioned earlier added.

Rapido’s evolution from a mobility startup to a potential player in the food delivery space marks a significant expansion in its business strategy. While its rapid growth in ride-hailing and strong investor backing provide a solid foundation, entering the food delivery market presents new operational challenges.

With strategic hires and partnerships underway, Rapido is positioning itself to compete—but as industry experts note, success in this segment will depend on its ability to adapt and build the necessary infrastructure to meet the unique demands of food delivery.