Rapido’s losses increase by 2.6X to Rs 439 Cr in FY22
- ByStartupStory | January 25, 2023
According to Rapido Bike Taxi’s annual financial report, losses increased 2.6X to Rs 439 crore in FY22. The company is situated in Bengaluru. Rapido‘s revenue for the most recent fiscal year, as reported in the Registrar of Companies (RoC) filings, was Rs 144.8 crore, an increase of over 90% from Rs 75.6 crore in FY21. In addition, the company made Rs 13.2 crore in interest on current investments and other non-operating income during FY22.
Along with its subscriptions and marketing income, the firm also offered delivery, vehicle, and bike taxi services to make money. The greatest cost centre, accounting for 35.8% of the total expenses, which rose 3X to Rs 213.6 crore in FY22 from Rs 70.6 crore in FY21, turned out to be incentives and other related charges.
29.6% of the entire expense was made up of marketing costs, which increased 5.4X to Rs 176.7 crore in FY22 from Rs 33 crore in FY21. During the year, the company increased its spending on employee benefits by 73% to Rs 107 crore while also incurring Rs 40 crore in costs for contracted labour support. ESOP costs totaling Rs 5.8 crore are also included in employee benefit expenses.
Additionally, Rapido spent Rs 24.96 crore on infrastructure and software fees, boosting its overall spending by 2.3X to Rs 597 crore in FY22 from Rs 254 crore in FY21. Additionally, it disclosed cash outflows from operations in FY22 of Rs 437 crore, a 2X increase from the previous year.
Additionally, the ROCE (Return on Capital Employed) and EBITDA margin declined to -274.52% and -1,029.72%, respectively.
Also Read
Follow Startup Story
Related Posts
