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Rapido announces first ESOP liquidity program

Entrackr · 11d

Rapido announces first ESOP liquidity program Ride-hailing firm Rapido has announced its first-ever Employee Stock Ownership Plan (ESOP) liquidation program for its current and former employees. Through this initiative, employees are eligible to sell a portion of their vested ESOP units immediately. Founded in 2015 by Aravind Sanka, Pavan Guntupalli, and SR Rishikesh, Rapido operates on a peer-to-peer (P2P) model, connecting customers in need of a quick, affordable ride with independent two-wheeler riders, or captains. In September last year, Rapido achieved unicorn status after securing $200 million in a Series E funding round led by WestBridge Capital. It has raised more than $500 million to date. Rapido’s revenue from operations grew 46.3% to Rs 648 crore in FY24 from Rs 443 crore in FY23. The firm also reduced its losses by 45% to Rs 371 crore. According to Rapido, its streamlined cost structure contributed to a reduced quarterly loss of Rs 17 crore in Q2 FY25 from Rs 74 crore in Q2 FY24.