Uber CEO calls Rapido main competitor in India, edges out Ola
Business
Uber's CEO Dara Khosrowshahi just called Rapido their main competitor in India—edging out Ola.
On a recent podcast, he shared, "Ola used to be our main competition, now the tougher competition in India is Rapido."
Since launching in 2015 as a bike taxi startup from Bengaluru, Rapido has grown fast and now offers autos and cabs across 100+ cities.
Rapido's rides are catching on
Rapido's affordable two- and three-wheeler rides are catching on, especially outside big metros.
Meanwhile, Ola seems to be shifting focus: its ride-hailing business is shrinking while it doubles down on electric vehicles after its 2024 IPO.
For FY2024, Ola cut net losses to ₹328.5 crore (from ₹772.2 crore last year), but revenue also dropped to ₹1,906 crore from ₹2,135 crore.