Bangalore, 27th October 2023: The business performance in the last financial year FY2022-23 Rapido, India's premier bike-taxi and auto aggregator, is an incredible story of 3X growth. After delivering a remarkable performance in FY2022, our FY2023 performance has been nothing short of remarkable, with a resounding threefold surge in revenue, catapulting from INR 158 Crores to an impressive INR 497 Crores. Rapido’s GMV also rose to an impressive INR 2520 Crores in FY2023 from INR 674 Crores in FY2022.
Emerging from the tumultuous waves of the second and third COVID-19 pandemics, we demonstrated unwavering resilience and visionary foresight. We made strategic investments in our people, patrons, and partners, with a laser-sharp focus on fortifying our human resources through capacity building and ambitious upskilling initiatives. Simultaneously, we unleashed a flurry of driver incentives to nurture and empower our valuable partners. We also executed a savvy marketing strategy, setting the stage for nationwide brand domination. We leveraged television ad campaigns that roared to life, creating a strong brand awareness and forging an even deeper connection with consumers, effectively fueling the growth of both our bike and auto categories.
By weaving the magic of strategic branding campaigns and airtight marketing strategies, we managed to secure a staggering threefold surge in orders compared to FY2022. Newly acquired customers swelled threefold, surging from 7 Million to an astounding 20 Million. To support this growth, we bolstered our ranks with the addition of over 2 Million captains in the same period, erecting one of the most colossal bike taxi and auto fleets in all of India.
Speaking about Rapido's sensational performance in FY2023, Pavan Guntupalli, the Co-Founder of Rapido, said, "We are absolutely thrilled with the overwhelming response from our invaluable partners and loyal customers in FY2023, a testimony to the meteoric rise our company has experienced in the past fiscal year. Our steadfast commitment to enhancing both the employee and customer experience is evident in our upgraded app platform. We've introduced groundbreaking, industry-first safety features to protect our customers, and we're already reaping the rewards of our past investments, driving organic growth at a reduced cost. The strong fundamentals we've built today are the bedrock for reaping even richer dividends tomorrow."
In the course of the year, we have taken a deliberate step to fortify our foundation, nearly doubling our expenditure to assemble a more formidable team. Our incentivization programs have empowered our partners and captains, enabling them to thrive and for our ecosystem to grow. Simultaneously, we have invested significantly in enhancing infrastructure to provide a superior experience for our users.
As a result, despite doubling our expenses, Rapido's cost optimization and sustainable growth strategies worked their magic, translating into a threefold surge in revenue in the same period.. Buoyed by the wave of growing customer response over the past two years and the rock-solid foundation, we are now handling a staggering 1.3 million daily orders at profitable margins. The journey, indeed, has been one of meteoric rise and unwavering commitment to excellence.
Rapido is an aggregator platform that provides auto & bike taxi services in 100+ cities across India. The app allows you to book bike taxis and autos with minimal wait time and maximum safety and is super easy on your pockets.
Download the app on iOS/android, log in from your account, and start booking. Once booked, the amount and captain details appear on the homepage and our captains are at the pick-up location in no time. To ensure your safety, our captains carry an additional helmet which is given once the captain arrives and at no additional cost. Your safety is of the utmost importance to us. With Rapido around, let’s keep the traffic excuses at home and explore our cities.