Swiggy-backed Rapido’s revenue up 46% YoY to Rs 648 crore in FY24, losses down 45%

Rapido Founders (left to right): Pavan Guntupalli, Rishikesh SR, Aravind Sanka.

Swiggy-backed ride-hailing unicorn Rapido has clocked an operating revenue of Rs 648 crore, up nearly 46 percent year-on-year in the financial year that ended March 2024 on the back of rise in demand and transactions across segments, including bike taxis and four-wheeler taxi services.

Rapido has also cut its losses by around 45 percent to Rs 371 crore in FY24 from Rs 675 crore in FY23 on the back of a reduction in its overall expenses, according to data platform TheKredible.

The firm cut down employee costs by 16.9 percent to Rs 172 crore while marketing expenses were down 10.8 percent to Rs 214 crore in the last fiscal.

The company’s overall expenses came down by 11 percent to Rs 460 crore in FY24.

Ride-hailing startup Rapido joined the unicorn club in July of 2024 after raising around $120 million (Rs 1,000 crore) in its latest Series E funding round led by its existing investor WestBridge Capital.

Rapido also expanded its auto and cab offerings in newer cities across India, which has aided to its rise in operating revenues.

A unicorn means a privately-owned startup valued at over $1 billion. Rapido closely competes with players like Ola, Uber and Namma Yatri.

The Hyderabad-based firm was founded in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR. Rapido, which started off as an auto and bike taxi aggregator, has also ventured into cabs.

On October 27, Rapido forayed into the hyper-local parcel delivery and cab service market as it looks to expand its offerings from auto and bike taxi services.

In April 2022, Rapido raised $180 million in a Series D round led by foodtech major Swiggy and joined by TVS Motor Company and existing investors Westbridge, Shell Ventures, and Nexus Ventures.