Rapido, a Prosus-backed mobility unicorn, has expanded by 4.4 times in the last two fiscal years, from Rs 145 crore in FY22 to Rs 648 crore in FY24. The ride-hailing company also reduced its losses by 45% in the fiscal year ending March 2024, owing to excellent cost management.
Rapido's revenue from operations increased 46.3% to Rs 648 crore in FY24 from Rs 443 crore in FY23, according to consolidated financial filings obtained from the Registrar of Companies (RoC).
Net income from the Rapido platform for providing transportation services for two/three and four-wheelers constituted 55.9% of operational revenue, which climbed 48.4% to Rs 362 crore in FY24. However, the gross platform income from these services was Rs 505 crore, including Rs 144 crore in consumer discounts.
Revenue from delivery and subscription services was Rs 265 crore and Rs 19 crore, up 39.5% and 171.4%, respectively, in FY24. Other connected services and interest income from non-operating activities increased the firm's overall revenue to Rs 695 crore in FY24, from Rs 497 crore in FY23.
The ride-hailing platform's greatest cost area was partner incentives, which accounted for 43% of overall spending. The corporation successfully reduced this expense, lowering it by 11% to Rs 460 crore in the previous fiscal year.
Rapido also reduced personnel costs by 16.9% to Rs 172 crore, while marketing expenses fell 10.8% to Rs 214 crore in the previous fiscal year. Rapido's total cost in FY24 was Rs 1,066 crore, which included technology, support services, legal fees, rent, and other overheads.
Rapido's consistent scaling and managed expenditure across divisions enabled them minimize losses by 45%, to Rs 371 crore in FY24 from Rs 675 crore in FY23. Its ROCE and EBITDA margins were -90.7% and -52.5 percent, respectively. In FY24, the Swiggy-backed company spent Rs 1.65 for every rupee earned.
Rapido's bank balance, excluding cash equivalents, fell 88.1% to Rs 16.39 crore in FY24, while cash equivalents declined 75.3% to Rs 71.71 crore. In contrast, trade receivables doubled, rising from Rs 16 crore in FY23 to Rs 32.06 crore in FY24. Rapido just earned unicorn status after raising $200 million in a Series E investment headed by WestBridge Capital. TheKredible reports that it has raised more than $500 million to date.
According to internal papers discovered by Entrackr, Rapido has eclipsed Ola to become the second-largest competitor in the ride-hailing business, trailing only Uber across the bike, auto, and cab segments. According to the firm, autorickshaws account for 40% of its GMV, followed by bikes and cabs at 30% apiece. In terms of ride volume, bike taxis account for more than half of all journeys.
