Ride-hailing startup Rapido, which competes with Ola and Uber in India, has cut its losses by 45 per cent while operating revenue has jumped 46 per cent during the financial year 2023-24. The company on Thursday said its year-on-year (YoY) losses narrowed to Rs 370 crore in FY24 from Rs 675 crore in FY23 and revenue from operations increased to Rs 648 crore from Rs 443 crore during the said period.
The growth comes on the back of an increase in Rapido’s Gross Order Value (GOV), which soared by 76 per cent to Rs 4,257 crore in FY24 from Rs 2,419 crore in FY23.
“This growth was fueled by a 1.5x rise in ride orders, reaching nearly half a billion rides in FY24, underscoring Rapido’s increasing appeal among India’s vast commuter base,” the company said in a statement.
The company said its ride orders increased to 44.5 crore in FY24 from 30.7 crore in FY23.
Founded in 2015, the startup offers auto, bike taxi, and cab services in over 100 cities.
“Rapido’s impressive growth trajectory in FY24 was driven by a robust combination of service expansion and strategic marketing investments. Targeted marketing campaigns increased brand visibility and boosted customer acquisition, successfully expanding the user base and driving higher ride volumes,” the company said.
In its quarterly performance, Rapido’s said its losses were reduced by 77 per cent to Rs 17 crore during the second quarter of the current fiscal (Q2 FY25) from Rs 74 crore during Q2 FY24. The GOV increased by 151 per cent to Rs 2,461 crore from Rs 977 crore while order volume jumped by 95 per cent to 20.7 crore from 10.6 crore during the said period.
Alongside these gains, the company said it strategically optimized its fixed costs, achieving a 50 per cent reduction on a per-unit basis without increasing its overall budget.
Looking ahead, Rapido said its strategic focus will continue to be on sustainable growth, maintaining its low-cost, high-efficiency approach while expanding its service offerings.
The company had last raised $200 million in its series E funding round led by WestBridge Capital at a valuation of $1.1 billion, entering the unicorn club in the country.