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vishakha Jangir
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Set2Score • 22d
𝗛𝗼𝘄 𝗱𝗶𝗱 𝗥𝗮𝗽𝗶𝗱𝗼 𝘀𝘁𝗮𝗻𝗱 𝗼𝘂𝘁 𝗶𝗻 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗱𝗲𝘀𝗽𝗶𝘁𝗲 𝗶𝗻𝘁𝗲𝗻𝘀𝗲 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝗼𝗻 𝗳𝗿𝗼𝗺 𝗢𝗹𝗮 𝗮𝗻𝗱 𝗨𝗯𝗲𝗿? Rapido was founded in 2015 by Aravind Sanka, Pavan Guntupalli, and SR Rishikesh. Focused on bike taxi services to create a niche in the crowded ride-hailing space. Offered a cost-effective and efficient solution for urban commuting compared to Ola and Uber. Later expanded into auto-rickshaw services and launched 'Rapido Cabs' for four-wheeler rides. Revenue is generated from ride commissions, delivery services, subscriptions, and partnerships. Adopted a SaaS-based model for cabs, where drivers pay a dynamic subscription fee based on earnings. Operated in over 100 Indian cities by FY23. Over 25 million app downloads and more than 1 million registered riders. Served around 10 million customers. FY22 revenue was ₹145 crore. FY23 revenue tripled to ₹443 crore, but losses increased by 54% to ₹675 crore. FY24 revenue grew 46.3% to ₹648 crore. Losses in FY24 reduced by 45%, down to ₹371 crore. Holds about 60% market share in the bike taxi segment. Entered cab segment with a unique SaaS model to compete beyond two-wheelers. Raised $324 million in total funding. Secured $180 million in a Series D round in April 2022 led by Swiggy. Other investors include TVS Motor Company, WestBridge, Shell Ventures, and Nexus Ventures. Funding was used to expand services and scale operations. Achieved differentiation in a market dominated by larger players like Ola and Uber. Follow vishakha Jangir for more such business insights.
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