The homegrown ride-sharing platform, Rapido, has reported a net loss of Rs 371 crore for FY24 that brings down its losses by as much as 45 percent from the Rs 675 crore in FY23. It has managed to bring its return on capital employed (ROCE) and EBITDA margins to -90.7 percent and -52.5 percent, respectively, through controlled expenditure.
According to Rapido's financials, the Swiggy-backed platform spent Rs 1.65 to generate Rs 1 in revenue over the last fiscal year.
Rapido's operating revenues had risen by close to 46 percent to Rs 648 crore FY24 versus Rs 443 crore FY23. Transportation services accounted for 55.9 percent of the operating revenue and earnings increased by 48.4 percent to Rs 362 crore. Rapido also cut down its employee costs, and the expense came down by 16.9 percent to Rs 172 crore.
The bank balance, minus cash equivalents, has seen an 88 percent fall to just Rs 16.39 crore in FY24 from a high of Rs 146.53 crore in FY20. This is according to the financials filed with the Registrar of Companies.
As of September, Rapido had raised $200 million in Series E funding from WestBridge Capital. With that, its valuation stood well past $1.1 billion, and this round saw participation from existing investor Nexus, along with new investors Think Investments and Invus Opportunities.
"We have witnessed massive growth over the last year, with our rides rising to a point of 2.5 million daily rides. This investment will help us maintain innovation and improvement in services so we can serve our customers appropriately, said Aravind Sanka Co-founder Rapido.
Founded in 2015, Rapido expanded its footprint beyond large cities. Today, the company is present in more than 100 cities in tier 2 and tier 3 regions of India. The company wants to strengthen its services in all categories namely bike-taxis, three-wheelers, and taxi-cabs.
In April 2023, online food delivery service led by Swiggy raised $180 million in funding in the company.
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