SUMMARY
- Rapido to expand from 120 to 500 cities starting February 2025
- Initial focus on Rajasthan, Gujarat, Tamil Nadu, West Bengal, and Karnataka.
- Revenue grew 46% in FY24, net loss reduced 45% to ₹371 crore.
Mobility giant Rapido has revealed ambitions to grow from its presence in 120 cities to 500 nationwide. The business stated that the expansion plan will begin in February and be implemented progressively in several phases to meet the various transportation needs of its users.
Initially, the firm plans to expand out in states like Rajasthan, West Bengal, Tamil Nadu, Gujarat, and Karnataka. It would then expand its services to states like Uttar Pradesh, Uttarakhand, Punjab, and Haryana, among others.
Rapido co-founder Guntupalli stated, “With over 1.3 crore captains (riders) earning over ₹15,000 crore on the platform, our expansion to 500 cities is a testament to our commitment to empowering individuals and building a more connected India.”
The expansion strategy follows Rapido’s entry into the unicorn club six months ago, when the ride-hailing startup’s valuation soared to $1.1 billion after it raised $200 million in its Series E investment round, led by longtime investor WestBridge Capital.
According to the business, 3.6 million rides are made every day and more than 200 million rides have been made in 120 locations so far.
In the fiscal year 2023–2024 (FY24), Rapido’s operating revenue increased 46% year over year (YoY) to ₹648 crore, while its net loss decreased 45% YoY to ₹371 crore.
