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vishakha Jangir
ย โขย
Set2Scoreย โขย 7m
๐๐ผ๐ ๐ฑ๐ถ๐ฑ ๐ฅ๐ฎ๐ฝ๐ถ๐ฑ๐ผ ๐๐๐ฎ๐ป๐ฑ ๐ผ๐๐ ๐ถ๐ป ๐๐ต๐ฒ ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐ฑ๐ฒ๐๐ฝ๐ถ๐๐ฒ ๐ถ๐ป๐๐ฒ๐ป๐๐ฒ ๐ฐ๐ผ๐บ๐ฝ๐ฒ๐๐ถ๐๐ถ๐ผ๐ป ๐ณ๐ฟ๐ผ๐บ ๐ข๐น๐ฎ ๐ฎ๐ป๐ฑ ๐จ๐ฏ๐ฒ๐ฟ? 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 โน145 crore. FY23 revenue tripled to โน443 crore, but losses increased by 54% to โน675 crore. FY24 revenue grew 46.3% to โน648 crore. Losses in FY24 reduced by 45%, down to โน371 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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