Rapido Reports 2.5X Growth in Q2 Gross Order Value, FY24 Revenue Jumps 46%

Rapido Reports 2.5X Growth in Q2 Gross Order Value, FY24 Revenue Jumps 46%

Bengaluru-based ride-hailing platform Rapido has posted impressive growth figures for the second quarter of FY25, driven by product expansion and a stable driver-partner ecosystem. The company reported a 2.5X increase in gross order value (GOV), reaching ₹2,461 crore, compared to ₹977 crore in the same quarter last year.

This surge follows the company’s strategic move earlier this year to broaden its offerings to include cabs, supplementing its popular two-wheeler and auto rickshaw segments. Gross Order Value (GOV) reflects the total value of rides booked during a specific period, prior to any deductions.

Alongside this growth, Rapido also recorded a doubling of rides year-on-year, with 207 million rides completed in Q2 FY25, up from 106 million during the corresponding period in FY24—a clear indicator of a growing and engaged user base in a competitive landscape dominated by Ola and Uber.

One of the key contributors to Rapido’s performance is its transition to a software-as-a-service (SaaS) model. Departing from the traditional commission-based structure, Rapido introduced a lifetime zero-commission policy for its driver-partners. This innovative approach has helped maintain a reliable and committed fleet, ensuring operational stability as the company expands its services.

For the full financial year FY24, Rapido posted a 46.3% rise in revenue, climbing to ₹648 crore from ₹443 crore the previous year. Additionally, the company reduced its net loss by 45%, bringing it down to ₹370 crore from ₹675 crore in FY23. These results were made possible through a combination of cost optimization measures and robust order volume growth.

“With the solid foundation established in FY24, Rapido is well-positioned to continue growing responsibly, expanding its user base, and enhancing long-term financial sustainability,” the company said in a statement.

As Rapido continues to scale operations and diversify its offerings, its focus remains on delivering affordable, efficient, and inclusive urban mobility solutions across India.