Rapido, an Indian ride-sharing firm, slashes losses, boosts revenue, and secures $200M in funding.

Rapido, an Indian ride-sharing platform backed by Swiggy, reported a 45% reduction in net losses to Rs 371 crore in fiscal year 2024, down from Rs 675 crore the previous year, driven by controlled expenses. The company's operational revenue rose by 46% to Rs 648 crore, with transportation services contributing 55.9%. Rapido cut employee costs by 16.9% to Rs 172 crore and raised $200 million in Series E funding, increasing its valuation to over $1.1 billion. The company plans to expand across various transportation categories.

November 13, 2024
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