Delivery Hero sells $150m worth of stake in 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."