Rapido topline grows 10X, even as losses widen in FY20

Bike and taxi aggregator Rapido saw its topline increase ten-fold year-on-year to Rs 106.5 crore for the financial year ended March 2020.

The company’s revenue from operations alone grew 9.4x to Rs 92.2 crore in FY20 from Rs 9.82 crore in FY19, according to RoC filings.

Its revenue from bike taxi services grew 7.2x year-on-year to Rs 49.4 crore in FY20, while income from delivery services shot up 11x to Rs 33.8 crore for the same period. 

The Roppen Transportation Services-owned company introduced two new revenue verticals in the reported financial year -- subscription fees, which accounted for Rs 3.75 crore of its revenue, and marketing fees, which made up Rs 5.14 crore.

Its net cash flow from operations expanded more than 5x to over Rs 248 crore in FY20, compared to Rs 47 crore last year.

Watch: Rapido founder on new logistics push, road to recovery 

The company saw its expenses shoot up 5.5x to Rs 350 crore in FY20, from Rs 64 crore in FY19. Annual losses for the Bengaluru-based startup went up 4.6x year-on-year to Rs 243 crore in FY20 from Rs 53 crore.

As per VCCEdge, it has raised a total capital of $67.49 million so far since it was founded in 2015 by Aravind Sanka, Rishikesh SR and Pavan Guntupalli. It was reportedly in talks with Chinese smartphone maker Xiaomi and venture capital firm Shunwei Capital to raise a $75 million round in November 2019, but there has been no update on this so far.

Rapido currently operates its auto rickshaw hailing service in 25 cities, after the service was extended to 11 cities in December 2020. In June last year, the company rolled out a two-wheeler transportation service to offline and online businesses for deliveries.