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Rapido claims 207 Mn rides in Q2 FY25 with 2.5x surge in GOV

EntrackrEntrackr · 7m ago
Rapido claims 207 Mn rides in Q2 FY25 with 2.5x surge in GOV
Medial

Ride-hailing firm Rapido reported a 2.5x year-on-year growth in its gross order value (GOV) to Rs 2,461 crore in Q2 FY25 from Rs 977 crore in Q2 FY24. During this period, the company also saw a two-fold increase in rides to 207 million. It's worth noting that Rapido already claims it is now the second-largest ride-hailing service after Uber, surpassing Ola in the bike, auto, and cab segments. 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. With an average of 2.6 million rides daily, the Bengaluru-based firm serves 17 million monthly passengers through a network of 2 million drivers. The company’s expansion into cab services and the addition of a Software-as-a-Service (SaaS) model have broadened its offerings and boosted driver earnings. Rapido added that it reduced fixed costs per order by 50% while strategically investing in new categories and marketing. The company disclosed its key metrics soon after filing its annual financial report for FY24, which states that its revenue from operations grew 46.3% to Rs 648 crore from Rs 443 crore in FY23. The firm also reduced its losses by 45% to Rs 371 crore. In FY24, Rapido reported a nearly 2x increase in Gross Order Value (GOV) to Rs 4,257 crore from Rs 2,419 crore in FY23. This growth was driven by a 1.5x increase in ride orders, with Rapido recording 450 million rides during the period. Rapido attributes this growth to service expansion and strategic marketing investments, which have boosted brand visibility, increased customer acquisition, and driven higher ride volumes. Rapido recently 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.

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Rapido raises Rs 250 Cr from Prosus as part of Series E round

EntrackrEntrackr · 4m ago
Rapido raises Rs 250 Cr from Prosus as part of Series E round
Medial

Rapido raises Rs 250 Cr from Prosus as part of Series E round Mobility firm Rapido is raising Rs 250 crore (around $29.7 million) from Prosus as part of Series E round. This funding comes just seven months after its $120 million round, which was led by WestBridge. The board at Rapido has passed a special resolution to issue 47,743 Series E preference shares at an issue price of Rs 52,467 each to raise Rs 250 crore or $29.7 million, the company's regulatory filing accessed from the Registrar of Companies shows. Rapido was set to raise approximately $60 million in a mix of primary and secondary funding from Prosus, as exclusively reported by Entrackr in October 2024. The ride-hailing app is raising $200 million in its Series E round at a $1.1 billion valuation. The company has already received two tranches—$120 million and $29.7 million. Following this latest tranche, Prosus will hold around 2.9% of Rapido. Based on Entrackr’s estimates, Rapido is currently valued at approximately Rs 8,726 crore (just over $1 billion). Rapido recorded 46.3% year-on-year growth, with revenue standing at Rs 648 crore in the fiscal year ending March 2024. The company also reduced its losses by 45%, bringing them down to Rs 371 crore during the same period. In Q2 FY25, Rapido reported a 2.5X year-on-year increase in gross order value (GOV), reaching Rs 2,461 crore, up from Rs 977 crore in Q2 FY24. The company also saw a two-fold increase in rides, totaling 207 million.

Decoding Rapido’s $120 Mn unicorn round

EntrackrEntrackr · 10m ago
Decoding Rapido’s $120 Mn unicorn round
Medial

Mobility startup Rapido recently turned unicorn after raising $120 million in a Series E funding round from WestBridge Capital through its various investment vehicles including SETU AIF and Konark. While the firm didn’t announce the funding officially, Entrackr has sifted through its regulatory filings to decode every detail of the round which was entirely led by WestBridge —an uncommon deal in the ecosystem. The board at Rapido has passed a special resolution to issue 10 equity, 95,479 Series E, and 95,489 Series E1 compulsory convertible preferred shares at Rs 52,467 each to raise Rs 1,002 crore (approximately $120 million) from WestBridge Capital through its 3 investment vehicles including SETU AIF, Konark, and MMPL Trust. Notably, shares issued worth Rs 501 crore were fully paid-up shares while the other 50% is partly-paid up. This essentially means that Rapido will receive the partly paid amount (Rs 501 crore) in tranches. Rapido will use the proceeds for expansion and growth, as per filings. According to the startup data intelligence platform, TheKredible’s estimates, Rapido was valued at around Rs 8,517 crore (approximately $1.02 billion) in the series E round. With this investment, WestBridge remained the largest external stakeholder with 32.88%, followed by Swiggy and Nexus Ventures, which own 12.32% and 8.19%, respectively. See TheKredibe for the complete shareholding pattern. Rapido also claimed to have left Ola behind and became the number two player after Uber in the overall ride-hailing space (bike, auto, and cabs). As of March 2024, Uber processed 19.3 lakh rides on a daily basis while Rapido did 16.5 lakh rides a day followed by Ola which did 13 lakh rides, as per Rapido’s internal documents reviewed by Entrackr. While Rapido is yet to disclose FY24 numbers, the firm’s operating revenue surged 3X to Rs 443 crore during FY23. The steep growth in scale also caused a 54% spike in losses, which stood at Rs 675 crore in FY23.

Go Digit reports flat growth in Q2 FY25, profit soars 3.2X

EntrackrEntrackr · 8m ago
Go Digit reports flat growth in Q2 FY25, profit soars 3.2X
Medial

Go Digit General Insurance Limited reported modest financial performance, with its operating revenue (net premium) increasing by 3.7% to Rs 1,891 crore in Q2 FY25 from Rs 1,824 crore in Q1 FY24. During the period, the firm’s gross premium witnessed an 11% dip. Net premiums written also saw a dip of 5% this quarter, reaching Rs 1,927 crore in Q2 FY25 compared to Rs 1,821 crore in the same quarter last year, according to its quarterly results reported on the NSE. Additionally, income from investments grew significantly, reaching Rs 284 crore in Q2 FY25, compared to Rs 211 crore in the same quarter of FY24, driven by a stronger investment portfolio performance. Total income for Q2 FY25 stood at Rs 2,175 crore, up from Rs 1,868 crore in the corresponding quarter of the previous year, showcasing overall financial growth for the company during this period. Go Digit experienced rising expenses in Q2 FY25, including commissions and brokerage costs, which amounted to Rs 572 crore, up from Rs 533 crore in Q2 FY24. Employee benefits also saw an increase, with expenses totaling Rs 90.5 crore in Q2 FY25. Moreover, operating expenses related to business development, sales promotion, and other operations grew significantly, and stood at Rs 132 crore in Q2 FY25. These increases contributed to the overall rise in the firm's expenses during the quarter. In terms of claims, the company paid out Rs 851 crore in claims during Q2 FY25, up from Rs 763 crore in Q2 FY24. There was also a change in outstanding claims, with an increase to Rs 483 crore in Q2 FY25 compared to Rs 315 crore in Q2 FY24. Despite the higher income, the underwriting loss for Q2 FY25 was Rs 244.83 crore, a slight increase from Rs 219.33 crore in the previous year. At the end, GoDigit’s profit surged 3.2X to Rs 89 crore during the quarter ending September 2024 as compared to the same quarter in FY24.

Swiggy posts Rs 3,600 Cr revenue in Q2; Instamart contributes 13.6%

EntrackrEntrackr · 7m ago
Swiggy posts Rs 3,600 Cr revenue in Q2; Instamart contributes 13.6%
Medial

Foodtech and quick commerce giant Swiggy has managed a 30.3% quarter-on-quarter growth in its operating revenue which spiked to Rs 3,601 crore during Q2 FY25 as compared to Rs 2,763 crore Q2 FY24. This growth was largely driven by the expansion of its quick commerce businesses which grew 135% in the last quarter. Swiggy’s food delivery business continues to be a major contributor, accounting for 43.7% of the total collection in Q2 FY25. Revenues from this vertical grew 23% to Rs 1,575 crore from Rs 1,281 crore in Q2 FY24. The company’s quick commerce segment also saw remarkable growth, with revenue surging by 135% to Rs 490 crore in Q2 FY25 from Rs 208 crore in Q2 FY24. The segment's gross order value (GOV) growth was driven by an increase in order frequency and the addition of new stores, contributing significantly to the company’s overall revenue. Scootsy Logistics contributed a major 40% of Swiggy’s overall operating income. Income from this entity increased by 22% quarter-on-quarter to Rs 1,452 crore in Q2 FY25 from Rs 1,190 crore in Q2 FY24. Scootsy alone earned a total revenue of Rs 5,196 crore of revenue in FY24. This vertical is engaged in the business of supply chain services and distribution. Swiggy’s Dine Out, Genie, Swiggy Mini and other non-operating income took its total revenue to Rs 3,686 crore in Q2 FY25. On the cost side, the procurement of FMCG products for supply chain distribution formed 32.2% of its overall cost which increased by 16.1% to Rs 1,388 crore in Q2 FY25. Meanwhile, the delivery charges saw a modest 4.7% growth to Rs 1,095 crore in Q2 FY25. Swiggy spent Rs 607 crore and Rs 605 crore on employee benefits and advertising, respectively. Its legal, infrastructure, and other overheads pushed the overall cost up by 22.9% to Rs 4309 crore in Q2 FY25. The 30.3% scale and controlled expenditure helped Swiggy to decrease its losses by 4.9% to Rs 625 crore in Q2FY25 from Rs 657 crore in Q2FY24. It spent Rs 1.19 to earn a rupee in Q2FY25.

Rapido announces first ESOP liquidity program

EntrackrEntrackr · 4m ago
Rapido announces first ESOP liquidity program
Medial

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.

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