Swiggy-backed Rapido sees net loss at Rs 371 crore in FY24

New Delhi: Homegrown ride-sharing platform Rapido registered a net loss of Rs 371 crore last fiscal (FY24) from Rs 675 crore in FY23.

Controlled expenditure helped the company cut losses by about 45 per cent in FY24 from Rs 675 crore in FY23, as return on capital employed (ROCE) and EBITDA margins stood at -90.7 per cent and -52.5 per cent, respectively.

The Swiggy-backed platform spent Rs 1.65 to earn Rs 1 last fiscal, according to its financials.

Its operational revenue went up almost 46 per cent to Rs 648 crore in FY24 against Rs 443 crore in FY23.

Its transportation services made 55.9 per cent of the operating revenue, which increased 48.4 per cent to Rs 362 crore in FY24. Rapido cut down employee costs by 16.9 per cent to Rs 172 crore.

The company saw its bank balance (excluding cash equivalents) declined 88 per cent to Rs 16.39 crore in FY24, as per its financials with the Registrar of Companies.

In September, Rapido raised $200 million in its Series E funding, taking its valuation to over $1.1 billion. The funding round was led by WestBridge Capital, and also saw participation from existing investor Nexus, along with new investors Think Investments and Invus Opportunities.

“Over the past year, we've experienced significant growth, with our daily rides surging to 2.5 million. This investment will empower us to continue innovating and improving our services, allowing us to better serve our customers,” Aravind Sanka, Co-founder of Rapido, said in a statement.

Founded in 2015, Rapido has also extended its reach beyond metro cities, establishing a presence in over 100 cities, including tier 2 and 3 cities across the country. It plans to grow its operations across all categories, including bike-taxis, three-wheelers, and taxi-cabs.

In April 2023, the company raised $180 million led by the online food delivery service Swiggy.