Rapido revenue, losses double

Bengaluru-based ride-hailing platform Rapido nearly doubled its revenue to Rs 144.8 crore in FY22 from Rs 75.6 crore in FY21, the company’s annual financial statement with the registrar of companies (RoC) showed. However, despite a 90% growth in scale, the firm reported losses surging 2.6 times to Rs 439 crore in FY22, as compared to the previous fiscal.

The company’s income sources include commissions charged on bike taxis, autos, delivery services, subscriptions, and marketing. The on-demand ride aggregator for two and three-wheelers, which is backed by Swiggy, also provides logistics services to the food delivery platform and other quick commerce companies.