Bengaluru-based Rapido’s losses widened 2.6X in FY22 to Rs 439 crore, according to the company’s annual financial statement.
According to the Registrar of Companies (RoC) filings, Rapido’s revenue stood at Rs 144.8 crore during the last fiscal year—up over 90% from Rs 75.6 crore in FY21—while the company also earned Rs 13.2 crore as interest on current investments and other non-operating income in FY22.
The startup generated revenue by providing bike taxis, autos, and delivery services, along with its subscriptions and marketing income.
Incentives and other related charges turned out to be the largest cost centre, contributing 35.8% to the total expenses, which increased 3X to Rs 213.6 crore in FY22 from Rs 70.6 crore in FY21.
Marketing costs accounted for 29.6% of the total expense and widened 5.4X to Rs 176.7 crore during FY22 from Rs 33 crore in FY21.
The company’s spending on employee benefits grew 73% to Rs 107 crore during the year, while it also incurred contractual labour support costs of Rs 40 crore. Employee benefits expenses also include ESOP expenses of Rs 5.8 crore.
Rapido also paid out infrastructure and software charges of Rs 24.96 crore, which catalysed its total expenditure by 2.3X to Rs 597 crore in FY22, compared to Rs 254 crore in FY21.
It also reported cash outflows from operations of Rs 437 crore in FY22, which soared 2X during the year.
Further, the EBITDA margin and ROCE (Return on Capital Employed) weakened to -274.52% and -1,029.72%.
(The copy was updated with corrections.)