Rapido is strengthening its position in the ride hailing space and is now considering a public listing once it secures about 70 to 75 percent of the market. The company’s chief financial officer Vivek Krishna shared this view in a recent interaction with a common daily. He said that an initial public offering could take place in the next two years.
Rapido started with bike taxis as an affordable mobility option designed for Indian users. Krishna said the company has now overtaken Uber in total ride numbers across all categories and holds a 50 percent market share. He said, “Our focus has always been India affordability, better earnings for riders, and fast, convenient services. That’s how the bike taxi concept started. We introduced it, created awareness, and worked hard to build acceptance. Over time, we realised users needed more options three wheelers and four wheelers provided they were affordable.”
He added that Rapido leads the combined category share in the ride hailing market. He said, “Across all three categories together, we are larger than Uber. In cabs alone we are behind, but only by about 25 to 30 percent. We expect to catch up soon.” Rapido’s cab market share is around 30 percent, while its overall share across rides is about 50 percent. In terms of overall market size, Krishna said Rapido is about two times the size of Uber.
Krishna said the company’s focus continues to be the mass market rather than premium customers. Rapido is currently present in around 450 cities and aims to reach all district headquarters, which is close to 800 locations, by March 2026. He said bike taxis often serve as the entry point and the company adds other services wherever user demand supports growth. Rapido’s cab service now operates in about 130 cities.
On regulatory challenges, Krishna said that issues remain mainly in Karnataka where the matter is under court review. He said, “Everywhere else we either have licences or ongoing positive policy discussions. We have licences in 15 states.” He added that the High Court has observed that individuals cannot be prevented from using their vehicles to earn a living and that platforms like Rapido function only as digital facilitators. The company expects clarity on the matter.
Investors remain confident about Rapido’s growth strategy. Major investors include WestBridge, Nexus, Prosus and Accel. Krishna confirmed that a recent secondary share deal between Prosus and Swiggy valued Rapido at around 2.5 billion dollars. Prosus also invested 67 million dollars, raising its stake to about 10.2 percent. Collectively, these four investors hold more than 60 percent of the company, while founders Pavan Guntupalli and Rishikesh SR hold a little over 11 percent.
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