Rapido recorded total income exceeding Rs 1,000 crore in FY25, reflecting a rapid shift from a bike-taxi operator to a diversified urban mobility and delivery platform. The Bengaluru-based firm’s growth underscores its ability to unlock multiple revenue streams in a highly competitive, margin-sensitive market.
Strong revenue growth driven by delivery and subscriptions
Operating revenue rose 44% year on year, from Rs 648 crore in FY24 to Rs 934 crore in FY25. With additional income from interest and other sources, Rapido’s total income reached Rs 1,003 crore, marking its first entry into the Rs 1,000 crore revenue club.
Delivery services emerged as the largest growth driver. Delivery revenue increased 28.3% year on year to Rs 340 crore, supported by rising demand for hyperlocal delivery of food, groceries, documents and everyday essentials in congested urban centres. Rapido’s large network of captains helped scale delivery operations efficiently while keeping prices competitive.
Subscription income was another notable contributor, surging almost 14-fold to Rs 275 crore. These subscription offerings—ride passes and platform plans for both users and captains—provide benefits such as lower commissions, priority access and additional incentives, creating a steadier, recurring revenue stream and deeper marketplace engagement.
Ride-hailing’s relative contribution falls amid strategic rebalancing
Commission revenue from ride-hailing declined 23.5% to Rs 277 crore in FY25, reducing its share of overall revenue. Industry observers say this reflects a deliberate strategic shift toward higher-frequency, better-monetised services rather than a simple drop in demand. Rapido continues to operate bike taxis, autos and cabs across multiple cities, even as its focus broadens to delivery and platform-led offerings.
Profitability improves, losses narrow
Rapido remained loss-making but made progress on cost control and financial efficiency. Net loss narrowed by more than 30% to Rs 258 crore in FY25, down from Rs 371 crore a year earlier. Major cost heads—captain incentives, delivery payouts, marketing and technology—remained significant, but a higher mix of delivery and subscription revenues helped offset expenses.
Implications for India’s mobility and logistics sector
Rapido’s milestone highlights the evolving dynamics of India’s mobility ecosystem, where single-service platforms are transitioning into multi-service players. By diversifying into delivery and subscription models, Rapido is positioning itself as an urban platform that captures both passenger mobility and high-frequency commerce flows.
As competition intensifies across mobility, logistics and hyperlocal delivery segments, Rapido’s diversified revenue mix and improving unit economics will be important determinants of its growth trajectory in FY26 and beyond.
