Ride-hailing start-up Rapido on Thursday reported gross order value (GOV) of ₹2,461 crore in Q2 FY25, up more than two-fold from ₹977 crore in Q2 FY24.
The number of ride orders doubled year on year to 207 million. The company said it strategically optimised its fixed costs and achieved a 50 per cent reduction on a per-unit basis without increasing its overall budget.
This allowed Rapido to narrow its quarterly loss to ₹17 crore in Q2FY25, from ₹74 crore loss in the same period last year.
The company’s daily ride volume now averages 2.6 million, serving 17 million passengers monthly through two million drivers. Its expansion of cab services in January has broadened its service portfolio. 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.
Rapido also reported a 46.3 per cent rise in its FY24 revenue to ₹648 crore (₹443 crore), helped by a rise in the number of orders and GOV during the period.
“With the solid foundation established in FY24, Rapido is well-positioned to continue growing responsibly, expanding its user base, and enhancing long-term financial stability in the coming years,” the company said in a statement.
Founded in 2015 by Rishikesh SR, Pavan Guntupalli, and Aravind Sanka, Rapoido primarily offers bike taxi and auto transportation services.
In September, Rapido bagged $200 million in a Series E funding round led by existing investor WestBridge Capital, which turned the ride-hailing start-up into a unicorn with a valuation of $1.1 billion.