New Delhi: On the back of substantial jump in gross order value (GOV), low-cost shared mobility service provider Rapido has narrowed down its losses in July-September quarter (Q2) of the current financial year 2024-25 (FY25).
The company on Thursday said that its loss in the September quarter of the current financial year stood at Rs 17 crore as against Rs 74 crore in the corresponding period of the previous financial year 2023-24.
Rapido saw its gross order value jumping to Rs 2,461 crore in the September quarter of FY25 from Rs 977 crore in the corresponding period a year ago.
“The number of ride orders doubled year-on-year to 207 million (in Q2FY25), reflecting both a larger user base and higher engagement levels. Alongside these gains, the company strategically optimized its fixed costs, achieving a 50% reduction on a per-unit basis without increasing its overall budget. This efficiency allowed Rapido to narrow its quarterly loss to Rs 17 crores in Q2FY25, a significant improvement over the Rs 74 crores loss in the same period last year,” the mobility firm said.
As per the company, its daily ride volume now averages 2.6 million leading to rise in market share.
Rapido said that its Gross Order Value (GOV) soared to Rs 4,257 crores in FY24 from Rs 2,419 crores in FY23 demonstrating the platform’s expanding market presence.
“Rapido’s impressive growth trajectory in FY24 was driven by a robust combination of service expansion and strategic marketing investments. Targeted marketing campaigns increased brand visibility and boosted customer acquisition, successfully expanding the user base and driving higher ride volumes,” it said.
