Bike taxi aggregator Rapido's revenue climbs 206% to Rs 443 crore in FY23

Rapido, a bike taxi and auto aggregator that battles with Ola and Uber, has made a significant leap in FY23. The Bengaluru-based company, which recently ventured into the cab industry, reported a threefold increase in its revenue from operations. However, this growth came with a downside as the company's losses also widened.

Revenue growth and increased losses

In FY23, Rapido's revenue from operations soared to Rs 443 crore, marking a 206% increase from Rs 144.7 crore in FY22. Despite revenue growth, the company's losses expanded by 53.6%, reaching Rs 674.5 crore in FY23, compared to Rs 439 crore in the previous year.

The increase in losses was primarily due to a 96.3% rise in expenses, which totalled Rs 1172 crore in FY23.

Breakdown of expenses

A significant portion of Rapido's expenses was attributed to incentives and related charges, which accounted for 44.15% of the total expenses. These charges saw a dramatic rise of 142% to Rs 517 crore in FY23. Employee benefits expenses also surged by 93.3%, reaching Rs 206.8 crore.

Additionally, the company increased its spending on advertising and promotional activities to Rs 240 crore in FY23, a 36% hike from the previous year.

Funding and operational scope

The company, which last secured $180 million in Series D funding led by Swiggy and TVS Motor Company, operates in over 100 cities across India with more than 15,000 registered riders per day.

Rapido's diverse services now include bike taxis, autos, delivery services, and two-wheeler rentals, reflecting its broad operational scope and market presence.

Join our new WhatsApp Channel for the latest startup news updates