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Tuesday, February 11, 2025

Rapido Gears Up for Pan-India Expansion After 46% Revenue Surge in FY24

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Rapido, the Bengaluru-based ride-hailing company and a key competitor to Ola and Uber, has unveiled plans to expand its services to 500 cities across India, up from its current presence in over 120 cities.

The expansion will begin in February, targeting major states like Karnataka, Gujarat, Tamil Nadu, West Bengal, and Rajasthan in its first phase. Subsequent phases will cover additional regions, including Punjab, Haryana, Uttar Pradesh, and Uttarakhand.

This announcement follows Rapido’s milestone of achieving unicorn status in September last year, when the company raised $200 million in funding at a valuation of $1 billion.

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Founded in 2015, Rapido started as a two-wheeler ride-hailing platform and later diversified into three-wheeler and cab services. Today, it manages an impressive 3.6 million rides daily.

Speaking at the Bharat Mobility Expo 2025, Co-founder Pavan Guntupalli highlighted the company’s mission to connect riders and drivers across India, while creating substantial earning opportunities for its driver partners, known as “Captains.” To date, more than 1.3 crore Captains have collectively earned over ₹15,000 crore on the platform.

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Rapido’s growth is also evident in its financials. In FY24, operating revenue surged by 46%, reaching ₹648 crore, driven by increased customer bookings and new business expansions. The company also made strides in reducing its net loss, narrowing it to ₹371 crore from ₹674 crore in the previous fiscal year, thanks to improved cost management and a stronger revenue base.

With its upcoming expansion, Rapido aims to cement its position as a leading mobility platform, catering to a wider audience across the country.

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