Rapido, a popular ride-hailing platform in India that competes with Uber, has doubled its valuation to $2.3 billion following a secondary share sale by food delivery giant Swiggy. Swiggy has offloaded its entire 12% stake in Rapido for ₹24 billion (about $270 million) through two separate deals, according to regulatory filings. The Dutch investment group Prosus is already a common backer of both Swiggy and Rapido, and is the largest shareholder in Swiggy. It’s still too early to gauge whether Rapido’s emerging food delivery business will affect incumbents like Swiggy and Zomato. As Rapido creeps into food delivery, Swiggy continues to build out its instant-commerce business, a competitive industry that offers quick delivery of groceries and other items in less than an hour.