Rapido Surpasses Ola and Uber in Daily Rides

• Rapido, a ride-hailing platform, completes 2.5 million trips daily, surpassing Ola and Uber's daily rides.
• Started as a bike taxi firm in 2015, Rapido expanded to autorickshaws and cab services, with bike taxis remaining its core business.
• Rapido's annualised GOV run rate was $1.2 billion as of September, with bike taxis contributing $450 million.
• The company's daily ride count surged from 200,000 in mid-2022 to 2.5 million now, with GOV improving from $85 million to $1.2 billion.
• Rapido aims to turn profitable soon with an EBITDA margin of 4-5% and triple GOV to $3.6 billion in the next two years.

Source: The Arc