Notably, Rapido reduced its losses to Rs 17 crores from Rs 74 crores in the previous year, showcasing its strong commitment to building a sustainable business model while scaling rapidly.
Rapido’s momentum continued into Q2FY25, with a 2.5x jump in GOV, reaching Rs 2,461 crores compared to Rs 977 crores in Q2FY24.
The number of ride orders doubled year-on-year to 207 million, reflecting both a larger user base and higher engagement levels.
Alongside these gains, the company strategically optimized its fixed costs, achieving a 50% reduction on a per-unit basis without increasing its overall budget.
"This strong performance is a result of Rapido’s ability to not only increase market share but also build long-term value through its scalable and sustainable business model," the company said in a statement.
The company’s daily ride volume now averages 2.6 million, serving 17 million passengers monthly through ~2 million drivers, further solidifying its position as India’s largest ride-hailing platform by order volume.
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 diversified offerings across bike taxis, autos, and cabs cater to a wide range of commuter needs.
“By focusing on driving operational efficiencies through growth initiatives at 50% reduction in fixed cost per order and making strategic, purposeful investments in new categories and marketing campaigns, Rapido demonstrates that rapid growth can go hand-in-hand with financial discipline,” the company said.