Ride-hailing app Rapido recorded a loss of Rs 371 core in fiscal 2024, 45% lower than last year. By the second quarter of fiscal 2025, its gross order value has reached Rs 2,461 crore, compared to Rs 977 crore in the same period last year.
The number of ride orders doubled year-on-year to 20.7 crore.
The ride-hailing app said it has optimised its fixed costs, achieving a 50% 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 the second quarter of the current fiscal, an improvement over the Rs 74 crore loss in the same period last year.
In FY24, revenue stood at Rs 648 crore, up 46% on a year-on-year basis. This growth was fueled by a 1.5 times rise in ride orders, reaching nearly half a billion rides in FY24.
Gross order value, or the total value of all orders placed on the app, rose to Rs 4,257 crore in fiscal 2024, compared with Rs 2,419 crore a year before.
The company aims to continue focusing on sustainable growth, maintaining its low-cost, high-efficiency approach, while expanding its service offerings.
“The company’s expansion of cab services in January has broadened its service portfolio,” Rapido said in a statement. “Additionally, the introduction of a Software-as-a-Service (SaaS) model empowered driver-partners by enhancing their earning potential, resulting in a more satisfied and stable driver base.”
