New Delhi, Nov 15 (PTI) Ride-hailing platform Rapido reported a reduction in losses to Rs 370 crore in FY24, compared to Rs 675 crore a year earlier.

This is the third consecutive year that the Bengaluru-based unicorn has posted a loss. It incurred a loss of Rs 440 crore in FY22, the company said in a statement.

The company’s revenue stood at Rs 648 crore in FY24, up 46.3% from Rs 443 crore in FY23.

“Last year’s performance is underlined by an approximately 2x increase in gross order value (GOV), which soared to Rs 4,257 crore in FY24 from Rs 2,419 crore in during FY23, once again demonstrating the platform’s growing presence in the market. increased ride orders, reaching nearly half a billion trips in FY24, highlighting Rapido’s growing appeal among India’s vast commuter base,” the statement said.

In the July-September period of FY25, Rapido narrowed its losses to Rs 17 crore from Rs 74 crore a year ago.

The company reported a 2.5x year-on-year growth in gross order value (GOV) at Rs 2,461 crore during the quarter, compared to Rs 977 crore in Q2FY24.

The platform said it has seen ride orders double year-over-year to 207 million, and has optimized its fixed costs to achieve a 50 percent reduction per unit without increasing its overall budget.

“This efficiency helped Rapido narrow its quarterly loss to Rs 17 crore in Q2FY25, a significant improvement from the loss of Rs 74 crore during the same period last year.

“This strong performance is the result of Rapido’s ability to not only grow its market share, but also create long-term value through its scalable and sustainable business model,” the statement said.