Bengaluru-based ride-hailing unicorn Rapido, posted an operating revenue of Rs 934 crore in FY25, up 44% from Rs 648 crore in the previous fiscal, according to consolidated financials accessed from the Registrar of Companies. Including interest income of Rs 69 crore from investments, Rapido’s total income reached Rs 1,003 crore during the year.
Rapido primarily earns money through subscriptions from drivers and users who pay for ride passes and platform benefits. On the driver side, the platform operates on a zero commission subscription based model for three-wheelers and four-wheelers cabs, but continues to operate on commision-basis for bike-taxis.
Shifting Income Streams
Subscription revenue stream surged nearly 14-fold to Rs 275 crore, compared to the previous fiscal.
Meanwhile, platform commissions from two-wheeler, generated Rs 277 crore during the year, declining 23.5%. Over the past year, due to regulartory uncertainty in states like Karnataka, the company has had to shift to a lead-generation only model for bike taxis, which could explain the decline.
Karnataka is the company’s largest ride hailing market. Despite this, commissions accounted for 29% of total operating revenue in FY25.
Meanwhile, income from passenger transportation services, where Rapido directly operates vehicles, stood at Rs 21 crore. Advertisement revenue, largely from sponsored listings on the app, came in at Rs 16 crore, while other operating income, mainly parking fees recovered from drivers, stood at Rs 5 crore.
Delivery Services Growth
Most notably, delivery services emerged as a major contributor, adding Rs 340 crore to operating revenue in FY25, registering 28.3% growth from FY24.
On the expense side, delivery charges and captain incentives remained the single largest cost item at Rs 500 crore, though the 8.7% year-on-year increase was moderate compared to revenue growth.
Employee costs rose 20% to Rs 207 crore, while advertising spend stood at Rs 252 crore and R&D expenses at Rs 108 crore. Total expenditure climbed to Rs 1,261 crore in FY25, from Rs 1,066 crore in FY24.
Improved Profitability Margins
The company narrowed its net loss by 30.5% to Rs 258 crore in FY25 from Rs 371 crore in FY24. However, unit economics remained challenging with Rapido spending Rs 1.35 for every rupee of operating revenue earned.
The company has raised around $575 million to date from the likes of WestBridge Capital, TVS Motor, Swiggy, Prosus, and Accel, several of whom have realised gains through secondary transactions over the past year.
Swiggy recently sold sold its entire nearly 12% stake in the platform for approximately Rs 2,,400 crore to Prosus, and WestBridge Capital. According to Tracxn, Rapido was valued at $2.3 billion post money, as of September 2025.