Bengaluru-based ride-hailing unicorn Rapido crossed a major financial milestone in FY25, reporting total income of over ₹1,000 crore for the first time. Strong growth in subscription revenues and delivery services helped offset regulatory challenges in bike-taxi operations, while losses narrowed sharply year-on-year.
According to consolidated financials accessed from the Registrar of Companies (RoC), Rapido posted an operating revenue of ₹934 crore in FY25, marking a 44% increase from ₹648 crore in FY24.
Including interest income of ₹69 crore from investments, the company’s total income reached ₹1,003 crore during the fiscal year, helping Rapido breach the ₹1,000-crore mark for the first time.
Rapido primarily earns revenue through subscriptions from drivers and users, who pay for ride passes and platform benefits.
Zero-commission, subscription-based model for:
Three-wheelers
Four-wheeler cabs
Commission-based model continues for bike-taxi services
Subscription revenue surged nearly 14-fold to ₹275 crore in FY25, compared to the previous fiscal, highlighting Rapido’s growing reliance on predictable, recurring income.
Platform commissions from two-wheelers generated ₹277 crore, marking a 23.5% decline year-on-year.
This drop can be attributed to regulatory uncertainty in key states like Karnataka, where Rapido shifted to a lead-generation-only model for bike taxis.
Despite the decline, commissions still contributed 29% of total operating revenue in FY25.
Karnataka remains Rapido’s largest ride-hailing market.
Income from passenger transportation services stood at ₹21 crore
This segment includes cases where Rapido directly operates vehicles
Advertisement revenue (mainly sponsored app listings): ₹16 crore
Other operating income (largely parking fees recovered from drivers): ₹5 crore
Delivery services added ₹340 crore to operating revenue in FY25, registering 28.3% growth over FY24.
The segment has become one of Rapido’s most significant revenue contributors, helping offset volatility in bike-taxi operations.
Delivery charges and captain incentives: ₹500 crore
Year-on-year increase: 8.7%, lower than revenue growth
Employee costs: ₹207 crore (up 20%)
Advertising and marketing spend: ₹252 crore
Research and development (R&D): ₹108 crore
Total expenses rose to ₹1,261 crore in FY25, compared with ₹1,066 crore in FY24.
Rapido reduced its net loss by 30.5%, reporting a loss of ₹258 crore in FY25, down from ₹371 crore in FY24.
Despite improvement, the company spent ₹1.35 for every ₹1 of operating revenue, indicating continued pressure on margins.
Rapido has raised approximately $575 million to date from investors including:
WestBridge Capital
TVS Motor
Swiggy
Prosus
Accel
Several investors have partially exited through secondary transactions in the past year.
Swiggy recently sold its entire nearly 12% stake in Rapido for approximately ₹2,400 crore to Prosus and WestBridge Capital.
According to Tracxn, Rapido was valued at $2.3 billion post-money as of September 2025.
Rapido’s FY25 performance reflects:
Successful diversification beyond bike-taxis
Growing reliance on subscriptions and delivery services
Improved financial discipline amid regulatory uncertainty
While profitability remains a work in progress, the narrowing losses and revenue diversification suggest the company is moving closer to a more sustainable business model.