India’s major bike-taxi aggregator Rapido expects to begin preparations for its initial public offering (IPO) by the end of 2026, according to co-founder Aravind Sanka. The company says it is still focused on growth rather than an immediate listing.
What Rapido Is Saying
- Rapido has been growing at around 100 % year-on-year over the last two years and intends to maintain that pace for a few more years before entering the public markets.
- The company claims it is already close to operational profitability, and says it “doesn’t lose money anymore”.
- While the formal IPO timeline is set for year-end 2026, the company emphasises that “timelines keep changing every quarter depending on the firm’s performance”.
Key Metrics & Context
- Rapido was valued at about US $2.3 billion after a secondary share sale by Swiggy, which sold its approximate 12 % stake for roughly ₹2,400 crore (≈ US$270 million) in September 2025
- The company emphasises a lower ‘subscription fee’ (its revenue share model) compared to competitors, helping its unit economics. Business Standard
- The business plans to expand into new mobility categories and cities where competition is weak, including possibly lower-cost segments.
Why This IPO Plan Matters
- A listing would provide an exit path for early investors and employees, making Rapido one of the larger mobility-tech IPO candidates in India.
- With an IPO horizon of end-2026, Rapido is signalling confidence in its growth trajectory, operational discipline and marketplace position.
- For the Indian mobility market, a Rapido IPO would spotlight two-wheeler ride-hailing and related services as investible segments.
- For investors it raises the question of valuation, timing, business sustainability and differentiation versus bigger incumbents in ride-hailing.
Risks & Considerations
- Although Rapido claims to be near profitability, full profitability and consistent margin performance are yet to be proven at scale.
- The IPO environment depends on broader market conditions, valuations and investor appetite—mobility tech companies globally are under scrutiny.
- Competitive pressure remains strong from other ride-hailing players, regulatory changes, driver/partner economics and unit-economics challenges.
- The timeline of “end of 2026” is conditional; the company notes that the schedule may shift depending on performance.
What to Watch Ahead
- Whether Rapido files its IPO draft prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in 2026 and when exactly the listing happens.
- Progress on profitability, revenue growth, city expansions and new business lines (for example food-delivery or three-wheeler services).
- The valuation at IPO and how investors price the business, especially given its current ~$2.3 billion valuation.
- How Rapido manages investor expectations, governance, transparency and structural scalability ahead of a public listing.
Conclusion
Rapido’s public-market ambitions—targeting IPO preparations by the end of 2026—mark a significant waypoint in its growth journey. With rapid expansion, increasing scale and near-profit claims, the bike-taxi aggregator is positioning itself for a major leap. However the success of its IPO plan will hinge on disciplined execution, market conditions and clarity of its business model ahead of listing.
