Rapido cuts losses from Rs 675 cr to Rs 370 cr in FY24, revenue rises 46%

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Rapido cuts losses from Rs 675 cr to Rs 370 cr in FY24, revenue rises 46% - Business Standard

Quick Summary:

"Last year's performance is underscored by a ~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 expanding market presence.

Ride-hailing platform Rapido has reported narrowing of losses to Rs 370 crore in FY24 from Rs 675 crore a year earlier.

This growth was fuelled by a 1.5x rise in ride orders, reaching nearly half a billion rides in FY24, underscoring Rapido's increasing appeal among India's vast commuter base," the statement said.