Delivery Hero sells $150m worth of stake in Rappi

Delivery Hero has sold $150m worth of its stake in Latin American delivery firm Rappi.

The company said on Monday that over the past months, it has sold close to its total stake in Rappi in a series of transactions. Delivery Hero continues to hold a stake of around 7.9% in Rappi on a fully diluted basis.

Delivery Hero first invested in Rappi in its Series B, when the company was valued at $400m.

"Rappi’s financial performance is a testament to the company’s overall fantastic growth and strong business model," the company said. "However, Delivery Hero will continue to exercise a disciplined capital allocation, and focus on investments that are in line with the group’s strategic vision. Over time, the remaining Rappi shares will be monetised at an appropriate valuation."