Rapido's Ride to Recovery: Profitability in Sight as Losses Narrow

Rapido, a Bengaluru-based ride-hailing unicorn, narrowed its FY24 losses to Rs 370 crore from Rs 675 crore the previous year. Despite consistent annual losses, the company saw a 2x increase in Gross Order Value and a 1.5x rise in ride orders. Its revenue grew significantly to Rs 648 crore, indicating a broader market reach.

Ride-hailing platform Rapido has made significant strides in reducing its fiscal losses, reporting a decrease to Rs 370 crore for FY24 from a loss of Rs 675 crore the previous year.

The Bengaluru-based company's revenue surged to Rs 648 crore, reflecting a 46.3% increase from FY23, driven by a doubling in Gross Order Value to Rs 4,257 crore. This growth highlights Rapido's growing footprint in the market.

In Q2FY25, Rapido posted a substantial reduction in quarterly losses, down to Rs 17 crore from Rs 74 crore, attributed to efficient cost optimization and increased ride demand. The company's scalable model and enhanced market appeal have been pivotal in this improved performance.

(With inputs from agencies.)