Rapido cuts losses from Rs 675 cr to Rs 370 cr in FY24, revenue rises 46%

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Ride-hailing platform Rapido has reported narrowing of losses to Rs 370 crore in FY24 from Rs 675 crore a year earlier.

This is the third consecutive year the Bengaluru-based unicorn has posted a loss. It incurred a loss of Rs 440 crore in FY22, the company said in a statement.

The company's revenue came in at Rs 648 crore in FY24, up 46.3 per cent from Rs 443 crore in FY23.

"Last year's performance is underscored by a ~2x increase in Gross Order Value (GOV), which soared to Rs 4,257 crore in FY24 from Rs 2,419 crore in FY23, further demonstrating the platform's expanding market presence. This growth was fuelled 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 statement said.

In the July-September period of FY25, Rapido shrunk losses to Rs 17 crore from Rs 74 crore a year ago.

The company reported a 2.5 times year-on-year growth in gross order value (GOV) to Rs 2,461 crore during the quarter, against Rs 977 crore in Q2FY24.

The platform said it observed ride orders double year-on-year to 207 million, and optimised its fixed costs to achieve a 50 per cent reduction on a per-unit basis without increasing its overall budget.

"This efficiency allowed Rapido to narrow its quarterly loss to Rs 17 crore in Q2FY25, a significant improvement over the Rs 74 crore loss in the same period last year.

"This strong performance is a result of Rapido's ability to not only increase market share but also build long-term value through its scalable and sustainable business model," the statement said.