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Vikas Acharya
Building WelBe| Entr... • 5m
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. According to TheKredible’s data, more than 20 startups have implemented ESOP buyback, liquidity, and payout programs worth around $200 million in 2024. Swiggy led the ESOP buyback and liquidity with $65 million, followed by Whatfix at $58 million. The ESOP buyback or liquidity amount stood at $802 million in 2023, $440 million in 2021, and $200 million in 2022.
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