In its latest financial disclosure for the fiscal year ending March 31, 2025 (FY25), the Bengaluru-based ride-hailing unicorn Rapido reported a net loss of ₹258 crore. While the company remains in the red, the figures represent a significant narrowing of losses compared to the ₹371 crore loss posted in FY24.
This performance highlights Rapido’s successful transition from a “growth-at-all-costs” model to one focused on operational efficiency and sustainable scaling.
Revenue Surge: Breaking the ₹1,000 Crore Barrier
The most striking aspect of Rapido’s FY25 performance is its top-line growth. After nearly doubling its revenue year-on-year, the company has officially entered the ₹1,000 Crore Revenue Club.
Key Financial Highlights
| Metric | FY24 (Actual) | FY25 (Reported/Est) | Change |
| Operating Revenue | ₹648 Crore | ~₹1,020 Crore | +57% |
| Net Loss | ₹371 Crore | ₹258 Crore | -30% (Improvement) |
| Gross Order Value (GOV) | ₹4,257 Crore | ~$1.25 Billion | ~2.5x Growth |
| Ride Orders | 445 Million | ~850 Million | Nearly Doubled |
Strategic Shift: How Rapido Reduced the Burn
Rapido’s ability to trim its losses by 30% while growing its revenue by over 50% is attributed to several strategic moves made throughout 2024 and early 2025.
1. The SaaS & Subscription Model
Rapido disrupted the traditional commission-based model (where players like Ola and Uber take up to 30%) by introducing a fixed subscription fee for drivers. This has led to:
- Higher Driver Retention: “Captains” keep a larger share of their earnings.
- Competitive Pricing: Users enjoy fares that are typically 10–15% lower than competitors.
2. Diversification into Cabs and Food Delivery
While bike taxis still account for over 50% of total rides, Rapido’s expansion into the cab segment (launched Dec 2023) and its pilot into food delivery (launched mid-2025) have diversified its income streams. By leveraging its existing two-wheeler fleet for “Ownly” (its food delivery arm), it is challenging the duopoly of Swiggy and Zomato with a low-commission strategy.
3. Optimization of Fixed Costs
By the second quarter of FY25, Rapido managed to reduce its fixed costs per unit by 50%. Despite expanding its service to over 100 cities, the company has kept its workforce steady at approximately 750 employees, relying on technology and automated support systems to scale.
Unicorn Status and IPO Ambitions
The financial year 2025 was a landmark period for Rapido’s valuation. Following a $200 million Series E funding round led by WestBridge Capital, Rapido officially became a Unicorn with a valuation of $2.3 billion (as of September 2025).
Investor Confidence
- Swiggy Exit: Swiggy divested its 12% stake for approximately ₹2,400 crore in September 2025, providing a massive return for the early investor.
- Prosus Increase: Global investor Prosus increased its stake, signaling long-term confidence in Rapido’s ability to overtake Ola as the second-largest player in the Indian market.
IPO Timeline: Co-founder Aravind Sanka has indicated that with the current trajectory, Rapido aims to begin formal IPO preparations by late 2026, targeting full operational profitability in FY26.
What’s Next for Rapido?
Heading into the 2026 calendar year, Rapido’s focus remains on:
- Market Share: Narrowing the gap with Uber in the four-wheeler segment.
- Electric Transition: Aggressively onboarding EV two-wheelers to lower operational costs further.
- Food Tech: Scaling its food delivery pilot to 500 cities to capitalize on its high-frequency user base.
