The company’s quarterly loss was down to Rs 17 Crores in Q2FY25, a significant decrease from Rs 74 crores loss reported in Q2FY24.
14 Nov 2024 | 2441 Views | By Autocar Professional Bureau
Low-cost mobility platform Rapido, reported a 2.5 times increase in Gross Order Value (GOV) in the latest quarter to Rs 2,461 crores from Rs 977 Crores in Q2FY24. Additionally, the number of ride orders doubled, reaching 207 million compared to 106 million rides the previous year. The company attributed this ...
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Low-cost mobility platform Rapido, reported a 2.5 times increase in Gross Order Value (GOV) in the latest quarter to Rs 2,461 crores from Rs 977 Crores in Q2FY24. Additionally, the number of ride orders doubled, reaching 207 million compared to 106 million rides the previous year. The company attributed this growth to a larger user base and increased engagement across its services.
Rapido’s quarterly loss was down to Rs 17 crores in Q2FY25, a substantial decrease from Rs 74 crore loss reported in Q2FY24. This was achieved through strategic cost optimisation, particularly a 50% reduction in fixed costs per order, accomplished without expanding the overall budget, the company said.
In FY24, Rapido’s GOV surged to Rs 4,257 crores, from Rs 2,419 crores in FY23. Meanwhile, ride orders grew 1.5x, with the platform completing 44.5 crore rides in FY24, up from 30.7 crore in FY23. This growth trend extended to revenue, which rose to Rs 648 crores in FY24 from Rs 443 crores in FY23, reflecting Rapido’s expanding market reach. Rapido also reduced its annual loss to Rs 370 Crores in FY24 from Rs 675 Crores in FY23.
With an average daily ride volume of 26 lakh and a monthly customer base of 170 lakh, Rapido now serves as India’s largest ride-hailing platform by order volume. The company’s expansion of cab services in early 2024 diversified its offerings, enabling it to cater to a broader range of commuter needs.
Additionally, Rapido’s implementation of a Software-as-a-Service (SaaS) model empowered driver-partners to increase their earnings, leading to greater stability and satisfaction within its driver network.
To support its rapid expansion while maintaining cost-effectiveness, Rapido focused on optimising operational efficiencies, achieving a 50% reduction in fixed costs per order. Strategic improvements, such as route optimisation, fleet management, and reductions in wait times and cancellations, contributed to a smoother, more dependable user experience.
Looking ahead, Rapido plans to sustain its low-cost-high-efficiency approach by expanding its services across its primary categories of bike, auto, and cab offerings.