Mobility platform Rapido crossed a major financial milestone in FY25, with total income touching ₹1,000 crore, even as its delivery vertical outpaced ride hailing to emerge as the company’s largest revenue contributor.
The Bengaluru-based firm has remained in focus over the past year after delivering strong returns to early backers such as TVS, Swiggy, Prosus and Accel. It also drew wider attention after Uber CEO Dara Khosrowshahi publicly acknowledged Rapido as a growing competitive threat in India.
Revenue growth driven by delivery and subscriptions
According to its consolidated financial statements filed with the Registrar of Companies (RoC), Rapido’s revenue from operations rose 44% year-on-year to ₹934 crore in FY25, compared to ₹648 crore in FY24.
Platform commissions from ride-hailing across two, three and four-wheelers declined 23.5% year-on-year to ₹277 crore, accounting for 29% of total operating revenue. This reflected continued pressure on passenger mobility margins amid regulatory uncertainty and pricing sensitivity.
In contrast, Rapido’s delivery business gained momentum. Revenue from delivery services climbed 28.3% to ₹340 crore in FY25, overtaking passenger rides to become the company’s single largest revenue stream. Passenger transportation had been Rapido’s biggest contributor in FY24.
Subscription income emerged as a major growth lever, surging nearly 14x to ₹275 crore, driven by ride passes and platform benefits sold to captains and users.
Other income and total earnings cross ₹1,000 crore
Income from passenger transportation services, where Rapido directly operates vehicles, stood at ₹21 crore, while advertisement revenue came in at ₹16 crore. Other operating income, largely parking fee recoveries from drivers, stood at ₹5 crore.
Interest earned on investments added ₹69 crore, taking Rapido’s total income to ₹1,003 crore in FY25, up sharply from ₹579 crore in FY24.
Costs remain high, but losses narrow
On the cost side, delivery charges and incentives paid to captains remained the largest expense, rising 8.7% to ₹500 crore and accounting for about 40% of total costs. Employee benefit expenses grew 20% year-on-year to ₹207 crore.
Advertising and promotional spending stood at ₹252 crore, while research and development expenses were ₹108 crore. Rent, legal, professional and other overheads pushed total expenses to ₹1,261 crore in FY25, compared to ₹1,066 crore in FY24.
Despite elevated costs, Rapido managed to cut its net loss by 30.5% to ₹258 crore in FY25 from ₹371 crore in FY24. Its ROCE and EBITDA margins improved to -13.58% and -19.59%, respectively. On a unit basis, the company spent ₹1.35 to earn a rupee of operating revenue.
Outlook: delivery-led pivot gathers pace
According to startup data intelligence, Rapido has raised over $550 million to date, including its $200 million unicorn round led by WestBridge. The company has also seen multiple secondary transactions over the past year.
The evolving revenue mix highlights where friction remains highest in Rapido’s business. While last-mile goods delivery offers stronger growth visibility and improving margins, passenger mobility continues to face regulatory and operational challenges. Industry watchers increasingly see Rapido’s delivery model moving closer to Porter’s playbook, unless policy clarity allows greater flexibility in passenger transport.
Rapido’s two-wheeler ride model has already reshaped urban mobility and forced regulatory changes, strengthening its position as a serious challenger in India’s mobility landscape. Whether the company doubles down on delivery or re-accelerates its passenger push remains a key question as it scales further.
Follow Startupbydoc for daily startup insights, funding news, IPO analysis, and business breakdowns.