Uber faces stiff competition from Indian startup Rapido
Rapido, one of India's top ride-hailing apps, is gearing up for an IPO after raising $200 million in fresh funding.
The latest round bumped its valuation to about $1.1 billion (₹9,200 crore), with big names like Prosus and WestBridge backing the company.
The IPO could happen as soon as late 2025 or in 2026, with a target valuation between ₹8,000-12,000 crore.
Rapido offers bike taxis, auto-rickshaws, and cabs across India
Rapido offers bike taxis, auto-rickshaws, and cabs across India—basically making daily commutes quicker and easier for millions.
They recently hit a record of four million rides in a single day and average around 3.5 million rides daily.
Rapido is also branching out into food delivery with Owly, which charges restaurants a flat fee per order instead of taking commissions.
FY24 revenue at ₹648 crore
In FY24, Rapido's revenue jumped to ₹648 crore—a solid 46% growth from last year—while losses dropped by nearly half.
The company is dealing with some regulatory bumps like service suspensions in Karnataka but says it's focused on expanding and running things more efficiently going forward.