New Delhi: Bike-taxi startup Rapido noticed its losses surge almost 54 % within the final fiscal 12 months (FY23) to Rs 675 crore, from Rs 439 crore in FY22.
A rise in riders’ price, IT and worker advantages have been behind Rapido’s surging losses within the final fiscal 12 months.
Incentives and prices paid to riders accounted for 44 % of the general expenditure, experiences Entrackr.
This price was Rs 517 crore in FY23, from Rs 214 crore in FY22.
In the meantime, the startup’s income from operations jumped 3 instances to Rs 443 crore in FY23 from Rs 145 crore in FY22, in response to its monetary statements filed with the Registrar of Corporations (RoC).
Final month, the bike-taxi startup introduced its entry into the cab enterprise, with launching an intra-city, SaaS-based mobility answer with Rapido Cabs.
With a 60 % market share in bike taxis, the startup has expanded its footprint with Rapido Cabs, introducing an preliminary fleet of 1 lakh automobiles.
“This pioneering method ensures that drivers incur solely a minimal software program utilization charge, marking a major shift within the trade,” mentioned Pavan Guntupalli, Co-founder of Rapido.
Rapido, which was based in 2015, now operates in over 100 cities and has over 25 million app downloads.
In accordance with the information accessible on Tracxn, Rapido has raised $324 million in complete.
In April final 12 months, the corporate raised $180 million led by the net meals supply service Swiggy.
