You can now book trains, flights, and hotels on Rapido
What's the story
Rapido, a leading player in the ride-hailing industry, has expanded its services beyond bike taxis and auto rides. The company has joined hands with Goibibo, ConfirmTkt and RedBus to allow train, flight, bus, and hotel bookings directly from its app. The move is aimed at making Rapido a one-stop solution for digital travel users by integrating daily mobility with travel booking.
App update
New 'travel' section on app
To offer a seamless experience, Rapido has introduced a new 'travel' section on the home screen of its app. The move comes after the company's entry into food delivery with Ownly, an application that went live in select Bengaluru pin codes in August. Rapido plans to expand this offering to 10 cities over the next year.
Financial growth
Recent funding round
In September, Rapido closed a $500-550 million funding round, one of the largest deals for a venture-backed start-up this year. The deal's main component is expected to be around $300 million with Dutch investor Prosus investing $240-250 million and WestBridge Capital contributing the rest. This funding is likely to strengthen Rapido's position in ride-hailing and boost its food delivery arm, Ownly.
Revenue report
Financial performance
For the fiscal year 2024 (FY24), Rapido reported an operating revenue of ₹648 crore, a 46% increase from the previous year. The company's net loss was also narrowed by 45% to ₹371 crore. The funds raised from the latest funding round are expected to further strengthen these numbers and help in scaling up operations across different sectors.