Rapido Records Rs 443 Crore Revenue in FY23, Losses Surge 54%

Editorial Desk · 2024-01-17T12:56:46+05:30

Rapido, a rapid-growing edtech platform, has reported a significant jump in revenue from operations to Rs 443 crore in FY23, a 3X surge from Rs 145 crore in FY22. However, the company's losses also surged 54% to Rs 675 crore in FY23, up from Rs 439 crore in FY22, according to its annual financial statements sourced from the Registrar of Companies (RoC). The substantial funding received at the beginning of FY23 helped Rapido scale up 3X and provided additional flexibility to control costs, but the increased expenses in incentives and charges paid to captains (riders) and employee benefits still outpaced the revenue growth. Rapido has forayed into cab aggregation space with the launch of Rapido Cabs, adopting a SaaS model that could potentially improve its balance sheet.In a statement, the company's CEO mentioned that the ban on bike taxis in Maharashtra and Delhi circles had a negative impact on earnings, but the move to take on Ola and Uber via cab services may help stabilize the situation. Rapido's revenue from operations increased to Rs 443 crore in FY23, with the sale of online courses, e-books, and test series accounting for 83% of the total operating revenue. The surge in riders cost, IT, and employee benefits pushed the losses up, but the company remains optimistic about its prospects. With a presence in over 100 cities across India, Rapido continues to expand its operations and diversify its revenue streams.

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Rapido Records Rs 443 Crore Revenue in FY23, Losses Surge 54%
Posted by Editorial Desk on January 17, 2024 at 12:56 pm
Rapido, a rapid-growing edtech platform, has reported a significant jump in revenue from operations to Rs 443 crore in FY23, a 3X surge from Rs 145 crore in FY22. However, the company’s losses also surged 54% to Rs 675 crore in FY23, up from Rs 439 crore in FY22, according to its annual financial statements sourced from the Registrar of Companies (RoC). The substantial funding received at the beginning of FY23 helped Rapido scale up 3X and provided additional flexibility to control costs, but the increased expenses in incentives and charges paid to captains (riders) and employee benefits still outpaced the revenue growth. Rapido has forayed into cab aggregation space with the launch of Rapido Cabs, adopting a SaaS model that could potentially improve its balance sheet.
In a statement, the company’s CEO mentioned that the ban on bike taxis in Maharashtra and Delhi circles had a negative impact on earnings, but the move to take on Ola and Uber via cab services may help stabilize the situation. Rapido’s revenue from operations increased to Rs 443 crore in FY23, with the sale of online courses, e-books, and test series accounting for 83% of the total operating revenue. The surge in riders cost, IT, and employee benefits pushed the losses up, but the company remains optimistic about its prospects. With a presence in over 100 cities across India, Rapido continues to expand its operations and diversify its revenue streams.

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