Rapido almost halves losses to Rs 370 crore in FY24
Published On : 2024-11-15T20:03:28+0530 [ IST ] |
Author : Mayur_Tembhare
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Ride-hailing platform Rapido has reported losses of Rs 370 crore in FY24 from Rs 675 crore a year earlier. d consecutive year the Bengaluru-based unicorn posted a loss of Rs 440 crore in FY22. he company's revenue came in at 648 crore in FY24 up 46.3 per cent from 443 crore in FY23.
2x increase in Gross Order Value (GOV) which soared to Rs 4,257 crore in FY24 from Rs 2,419 crore in FY23 further demonstrating the platform's This growth was fueled by a 1.5x rise in ride orders reaching nearly half a billion rides in FY24 underscoring Rapido's increase in the July-September period of FY25 Rapido's losses fell to Rs 17 crore. om Rs 74 crore a year ago.
The company reported a 2.5 times year-on-year growth in gross order value to Rs 2,461 crore during the quarter. The platform said it saw ride orders double year-on-year to 207 million and optimized its fixed costs to Rs 977 crore in Q2 achieve a 50 per cent reduction on a per unit basis without increasing its overall budget.
"This efficiency allowed Rapido to narrow its quarterly loss to 17 crore in Q2FY25 a significant improvement over the Rs 74 crore loss in the same period last year. a result of Rapido's ability to not only increase market share but also build long-term value through its scalable and sustainable business model," he said. Ready to master stock valuation? ET's workshop is just around the corner! and the corner!
Source : Rapido Quarterly Reports
Tags : 370 crore losses , Rapido , platform ,
Summary : Ride-hailing platform Rapido has reported losses of Rs 370 crore in FY24 from Rs 675 crore a year earlier. d consecutive year the Bengaluru-based unicorn posted a loss of Rs 440 crore in last round
