Rapido revenue rises 44% to Rs 934 crore in FY25, cuts losses by 30% to Rs 258 crore

Bengaluru-based ride-hailing major Rapido reported operating revenue of Rs 934 crore in FY25, a year-on-year increase of 44% from Rs 648 crore in the previous fiscal, according to its consolidated financial statements filed with the Registrar of Companies.

Including interest income of Rs 69 crore from investments, the company’s total income stood at Rs 1,003 crore for the year.

Rapido’s revenue model continues to pivot around subscriptions and diversified service lines. Subscription income from captains and users purchasing ride passes and platform benefits surged nearly 14-fold to Rs 275 crore in FY25, emerging as one of the fastest-growing components of its top line.

The company follows a zero-commission, subscription-based model for three-wheeler and four-wheeler cabs, while continuing to charge commissions on bike taxis. Platform commissions from two-wheeler services generated Rs 277 crore during the year, but declined 23.5% year-on-year.

The fall comes amid regulatory uncertainty in key markets such as Karnataka, Rapido’s largest ride-hailing state, where the company has shifted bike taxis to a lead-generation-only model. Despite the decline, commissions still accounted for 29% of operating revenue in FY25.

Delivery services emerged as the single largest contributor to revenue during the year. Income from food and parcel delivery rose 28.3% year-on-year to Rs 340 crore, marking a clear shift from FY24, when passenger-related services formed the largest share of the company’s top line.

Revenue from passenger transportation services, where Rapido directly operates vehicles, stood at Rs 21 crore. Advertising revenue, largely from sponsored listings on the app, came in at Rs 16 crore, while other operating income, mainly parking fees recovered from drivers, was reported at Rs 5 crore.

On the cost side, delivery charges and captain incentives remained the largest expense item at Rs 500 crore, though the 8.7% year-on-year increase was slower than revenue growth. Employee expenses rose 20% to Rs 207 crore. Advertising and promotional spending increased sharply to Rs 252 crore as the company pushed user acquisition and market expansion. Research and development expenditure for the year stood at Rs 108 crore.

Total expenditure increased to Rs 1,261 crore in FY25, compared to Rs 1,066 crore in FY24. The company narrowed its net loss by 30.5% to Rs 258 crore from Rs 371 crore a year earlier. However, unit economics remain under pressure, with Rapido spending Rs 1.35 for every rupee of operating revenue earned.

Rapido has raised around $575 million to date from investors including WestBridge Capital, TVS Motor, Swiggy, Prosus and Accel. Several investors have partially exited through secondary transactions over the past year. Swiggy recently sold its entire nearly 12% stake in the company for approximately Rs 2,400 crore to Prosus and WestBridge Capital.

According to Tracxn, Rapido was valued at $2.3 billion on a post-money basis as of September 2025.