The ride-hailing main attributed the lowered FY24 losses to a “disciplined method to price administration” and by optimising key price areas
Rapido clocked 44.5 Cr orders in FY24 versus 30.7 Cr orders in FY23 whereas GOV zoomed 1.8X YoY to INR 4,257 Cr within the fiscal beneath overview
In September, Rapido bagged $200 Mn in a Sequence E spherical led by WestBridge Capital, which turned the ride-hailing startup right into a unicorn with a valuation of $1.1 Bn
On the again of price chopping measures throughout the board, journey hailing big Rapido
trimmed its losses by greater than 45% year-on-year (YoY) to INR 370 Cr within the monetary yr 2023-24 (FY24) in comparison with INR 675 Cr within the earlier fiscal yr.
In an announcement, the startup attributed the lowered losses to a “disciplined method to price administration” and by optimising key price areas.
In the meantime, the corporate claimed that its losses lowered by greater than 77% to INR 17 Cr within the second quarter (Q2) of the fiscal yr 2024-25 (FY25) in comparison with INR 74 Cr throughout corresponding quarter final fiscal.
Nonetheless, Rapido’s revenues jumped a hefty 1.5X to INR 443 Cr in FY24 as in opposition to INR 443 Cr within the year-ago interval.
“Rapido’s spectacular development trajectory in FY24 was pushed by a sturdy mixture of service growth and strategic advertising investments. Focused advertising campaigns elevated model visibility and boosted buyer acquisition, efficiently increasing the person base and driving increased journey volumes…,” added the corporate.
On the operational entrance, key metrics noticed a wholesome YoY development. As per the corporate, Rapido clocked 44.5 Cr orders in FY24 versus 30.7 Cr orders in FY23. Moreover, gross order worth (GOV) zoomed 1.8X YoY to INR 4,257 Cr within the fiscal beneath overview as in opposition to INR 2,419 Cr in FY23.
On a sequential foundation, Rapido doubled the variety of orders on its platform to twenty.7 Cr orders in Q2 FY25 versus 10.6 Cr in Q2 FY24. On comparable traces, GOV rose 2.5X YoY to INR 2,461 Cr within the quarter ended September 2024.
“… The variety of journey orders doubled year-on-year to twenty.7 Cr, reflecting each a bigger person base and better engagement ranges. Alongside these positive aspects, the corporate strategically optimised its mounted prices, reaching a 50% discount on a per-unit foundation with out growing its general price range…,” added the ride-hailing firm.
Rapido additionally stated that its each day journey quantity now stands at a mean of 26 Lakh, catering to 1.7 Cr passengers month-to-month through almost 20 Lakh drivers.
Based in 2015 by Rishikesh SR, Pavan Guntupalli, and Aravind Sanka, Rapoido primarily gives bike taxi and auto transportation providers. In December 2023, it additionally launched cab providers in some cities. It additionally gives peer-to-peer supply providers through Rapido Native.
In September, Rapido bagged $200 Mn in a Series E funding round led by current investor WestBridge Capital, which turned the ride-hailing startup right into a unicorn with a valuation of $1.1 Bn.
(This story will likely be up to date quickly)