Rapido, a leading mobility startup backed by Prosus, has shown remarkable progress over the last two fiscal years. Its operating revenue soared 4.4 times, rising from Rs 145 crore in FY22 to Rs 648 crore in FY24. Strategic cost management helped the company reduce its losses by 45% during the fiscal year ending March 2024.
The ride-hailing firm’s revenue from operations jumped 46.3% to Rs 648 crore in FY24, compared to Rs 443 crore in FY23, as per its consolidated financial reports submitted to the Registrar of Companies (RoC). Transportation services, including two-, three-, and four-wheelers, accounted for 55.9% of the total revenue, generating Rs 362 crore—a 48.4% increase year-on-year. Gross platform income, including customer discounts worth Rs 144 crore, totaled Rs 505 crore for the year.
Additional revenue streams contributed significantly to Rapido’s overall growth. Delivery and subscription services brought in Rs 265 crore and Rs 19 crore, marking growth rates of 39.5% and 171.4%, respectively. Including other allied services and interest income, Rapido’s total revenue reached Rs 695 crore in FY24, up from Rs 497 crore in FY23.
Streamlined Costs Boost Profitability
The company’s primary expenditure—partner incentives—constituted 43% of overall expenses but was effectively reduced by 11% to Rs 460 crore. Employee costs saw a 16.9% decline to Rs 172 crore, while marketing expenses dropped 10.8% to Rs 214 crore. Despite these reductions, technology, legal services, rent, and overheads brought Rapido’s total costs to Rs 1,066 crore for FY24.
These efficiencies led to a substantial reduction in losses, which fell to Rs 371 crore in FY24 from Rs 675 crore the previous year. However, key financial metrics such as ROCE and EBITDA margins stood at -90.7% and -52.5%, respectively, highlighting ongoing challenges. Additionally, Rapido’s bank balance and cash equivalents witnessed steep declines of 88.1% and 75.3%, respectively, while trade receivables doubled from Rs 16 crore in FY23 to Rs 32.06 crore in FY24.
Strengthening Market Position
Following a $200 million Series E funding round led by WestBridge Capital, Rapido achieved unicorn status, amassing over $500 million in total funding. The company has outpaced Ola to secure the second spot in India’s ride-hailing market, trailing only Uber. Internal reports highlight that autorickshaws contribute 40% of Rapido’s GMV, while bikes and cabs contribute 30% each. Notably, bike taxis alone account for over half of Rapido’s total ride volume.
Rapido’s growth trajectory and market positioning reflect its ability to scale operations efficiently while curbing expenses, setting a strong foundation for further expansion in India’s competitive mobility sector.