Swiggy-backed ride-hailing startup Rapido reported a robust 46% rise in revenue, reaching Rs 648 crore in FY24, driven by increasing demand for its bike taxis and four-wheeler services.
The company also achieved a 45% reduction in losses, bringing them down to Rs 371 crore from Rs 675 crore in FY23. Rapido's overall expenses dropped by 11% to Rs 460 crore, supported by strategic cuts in employee costs, which fell 16.9% to Rs 172 crore, and a 10.8% decrease in marketing expenses, now at Rs 214 crore.