Bike taxi startup Rapido has been making great strides as it continues to expand its presence pan India, offering last-mile connectivity. Along with increasing its footprint, the Bengaluru-based startup has registered increase in revenue for FY 2019.
As per the documents filed with the Registrar of Companies (RoC), the ride-hailing startup recorded a 13X jump in revenue, to the tune of Rs 10.64 crore, in FY19, against a revenue of Rs 79.90 lakh posted for the previous financial year.
[Funding alert] Bike taxi app Rapido raises Rs 391 Cr in Series B led by Westbridge Capital
While the revenue surged for Rapido, the company also posted a 5X increase in losses for this financial year. As opposed to Rs 10.34 crore loss reported last year, the losses widened to Rs 53.29 crore in the financial year ended March 31, 2019.
The losses for the company come against the backdrop of its “total expenses” increasing by 5.7X. From Rs 11 crore expense it incurred in FY18, Rapido’s expenses for FY19 increased to Rs 63.93 crore.
Founded by Rishikesh SR, Pavan Guntupalli, and Aravind Sanka, Rapido Bikes started its operations in 2015, and is present across 90 locations in India. According to the company, it has around 5,00,000 service providers on its network who are referred to as captains, and the startup claims to be serving over 10 million customers. It also claimed to have a high percentage of repeat orders from its customer base.
Most recently, the two-wheeler ride-hailing startup forayed into the national capital Delhi, announcing that its prime focus will be within central and south Delhi.
“To bring in the solution for last-mile commutes, especially for the ones who use the metro services as frequently as every day. With the odd-even scheme right around the corner, Rapido is all set to make its grand entry and winning hearts by offering free rides,” the startup said in a statement.
(Edited by Megha Reddy)