Rapido Crosses ₹1,000 Crore Total Income in FY25 as Losses Narrow 30%

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.

Rapido Crosses ₹1,000 Crore Total Income in FY25

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’s Business Model and Revenue Streams

Subscription-Led Monetisation

Rapido primarily earns revenue through subscriptions from drivers and users, who pay for ride passes and platform benefits.

Driver-Side Model

• Zero-commission, subscription-based model for:

  • Three-wheelers

  • Four-wheeler cabs

• Commission-based model continues for bike-taxi services

Shifting Income Streams Reflect Regulatory Pressures

Subscription Revenue Sees Sharp Growth

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.

Bike-Taxi Commissions Decline

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.

Other Operating Revenue Components

Passenger Transportation Services

• Income from passenger transportation services stood at ₹21 crore

• This segment includes cases where Rapido directly operates vehicles

Advertising and Ancillary Income

• Advertisement revenue (mainly sponsored app listings): ₹16 crore

• Other operating income (largely parking fees recovered from drivers): ₹5 crore

Delivery Services Drive Growth in FY25

Delivery Emerges as a Key Growth Engine

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.

Expense Structure and Cost Trends

Largest Cost Components

• Delivery charges and captain incentives: ₹500 crore

  • Year-on-year increase: 8.7%, lower than revenue growth

Other Key Expenses

• Employee costs: ₹207 crore (up 20%)

• Advertising and marketing spend: ₹252 crore

• Research and development (R&D): ₹108 crore

Total Expenditure

Total expenses rose to ₹1,261 crore in FY25, compared with ₹1,066 crore in FY24.

Improving Profitability, But Unit Economics Remain Challenging

Losses Narrow Significantly

Rapido reduced its net loss by 30.5%, reporting a loss of ₹258 crore in FY25, down from ₹371 crore in FY24.

Unit Economics Snapshot

Despite improvement, the company spent ₹1.35 for every ₹1 of operating revenue, indicating continued pressure on margins.

Funding, Stake Sales and Valuation

Total Capital Raised

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 Stake Sale

Swiggy recently sold its entire nearly 12% stake in Rapido for approximately ₹2,400 crore to Prosus and WestBridge Capital.

Latest Valuation

According to Tracxn, Rapido was valued at $2.3 billion post-money as of September 2025.

What FY25 Signals for Rapido

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.