The company also narrowed its net loss by 45% to Rs 371 crore from Rs 674 crore in FY23, according to financial statements sourced from Tofler. Lower expenses drove the improved financial performance.
“Rapido’s impressive growth trajectory in FY24 was driven by a robust combination of service expansion and strategic marketing investments,” the company said in a statement on Thursday. “This growth was further supported by key improvements in service quality, including optimised routes, enhanced fleet management, and reduced waiting times and driver cancellations, ensuring a seamless experience for users.”
The company also sharply narrowed its net loss to Rs 17 crore in the September quarter of this fiscal from Rs 74 crore a year earlier. It fulfilled 207 million orders in the quarter, nearly doubling from 106 million orders last year.
During FY24, the primary driver behind Rapido’s falling losses was lower expenses.
The company cut employee benefit expenses by 17% to Rs 172.5 crore, while trimming marketing spends by 11% to Rs 213.5 crore.
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“By focusing on driving operational efficiencies through growth initiatives at 50% reduction in fixed cost per order and making strategic, purposeful investments in new categories and marketing campaigns, Rapido demonstrates that rapid growth can go hand-in-hand with financial discipline,” the company said.Rapido said it has crossed annualised gross merchandise value (GMV) of $1 billion in FY25. ET reported exclusively on August 9 about the company crossing this milestone. Rapido clocked GMV of Rs 2,461 crore in the September quarter, a 2.5 times increase from a year earlier.
The Bengaluru-based firm entered the unicorn club earlier this year after a $200 million fundraise led by existing backer Westbridge Capital.
Over the past two years, the startup forayed into new categories and markets to diversify beyond its core bike taxi offerings. It entered the four-wheeler cab category in 2023, aiming to take on established rivals like Uber and Ola.
In an interview in September, Rapido cofounder and CEO Aravind Sanka said the company will utilise the freshly raised funds to expand its four-wheeler taxi service.
While Uber and Ola are operating their four-wheeler taxi services on a commission model—charging drivers a percentage of the fare paid by the consumers—Rapido has a subscription fee model.
Under this model, also deployed by Google-backed Namma Yatri, platforms charge a standard one-time fee to drivers for a certain number of rides. People in the know said Rapido charges drivers a one-time Rs 500 fee. After paying the fee, drivers can earn Rs 15,000 in fares.
Rapido’s daily ride volume now averages 2.6 million. It claims to be the largest ride-hailing platform by order volume.
