News on Medial

Swiggy-backed Rapido says July-September quarter loss down to Rs 17 cr | The Arc

The Arc Web · 7m

Rapido, a ride-hailing company backed by Swiggy, announced a decrease in its losses to Rs 17 crore for Q3 2022. The company, which recently became a Unicorn, reported a gross order value of Rs 2,461 crore and operational revenue of Rs 648 crore. Despite a net loss of Rs 371 crore for FY24, Rapido has undergone strategy changes, including entering the cab ride segment and adopting a subscription-based model for its cab and auto business. The company aims to achieve an EBITDA margin of 4-5% in the next two years and operational break-even by the end of 2024.