Rapido’s Loss Widens Over 50% To INR 674.5 Cr In FY23, Sales Jump 3X

Rapido’s Loss Widens Over 50% To INR 674.5 Cr In FY23, Sales Jump 3X

SUMMARY

Rapido’s bottom line was hurt despite its operating revenue rising more than threefold to INR 443 Cr during the year under review from INR 144.8 Cr in FY22

Total expenditure jumped 96.3% to INR 1,172.1 Cr in FY23 from INR 597 Cr in the previous year

At INR 206.8 Cr, employee expenses accounted for 17% of total expenditure, while advertising expenses contributed 20.5% to the total expenses

Ride-hailing startup Rapido reported a 53.6% widened standalone loss of INR 674.5 Cr in the financial year 2022-23 (FY23) against INR 439 Cr reported in the previous fiscal year, hurt by a sharp jump in employee costs during the period.

Rapido’s bottom line was hurt despite its operating revenue rising more than threefold to INR 443 Cr during the year under review from INR 144.8 Cr in FY22.

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