Ride-hailing platform Rapido turns EBITDA profitable, says exec
The company has also become the largest ride-hailing company in India with 2.7 million orders a day, according to a LinkedIn post by its Head of Engineering, Srivatsa Katta.
Bengaluru-based on Tuesday said that it has turned EBITDA profitable, according to a LinkedIn post by its Head of Engineering, Srivatsa Katta.
According to the post, the company has also become the largest ride-hailing company in India with 2.7 million orders a day.
Rapido competes with US-based and Bhavish Aggarwal-led in the ride-hailing space. According to an Entrackr report, as of March 2024, it had overtaken Ola in terms of number of daily rides.
Co-founder and CEO Aravind Sanka had told YourStory in September that the company was clocking in 2.5 million orders per day.
According to Sanka, the company will turn cash flow positive next quarter.
The LinkedIn post also stated the company’s founders announced the first employee stock ownership plan during its ninth foundation day.
Rapido also claims to be the “largest ride-hailing company in India to achieve profitability at scale”, Katta added in the post.
The company is looking to expand its operations into Tier II and III cities in the quick commerce segment with Swiggy and other partners in the future.
IPO-bound Swiggy had also led a $180 million investment in the company in 2022.
Rapido additionally also entered unicorn status in September after bagging $200 million in a Series E funding round led by existing investor WestBridge Capital.
The company is planning to use the newly raised funds to expand its operations and scale its technology platform to improve service delivery.
Edited by Jyoti Narayan