Mumbai/Bengaluru: What began as a bike-taxi platform is increasingly evolving into a broader consumer internet company. Rapido is no longer just competing with Uber and Ola, but also with food delivery companies Swiggy, Zomato, Blinkit and Zepto by using mobility as the entry point into a broader ecosystem of everyday services.
Its strategy has seen the Bengaluru-based company rapidly become one of India’s largest consumer internet platforms. Its expansion beyond autos and two-wheelers into cabs, food delivery, financial services and car-pooling has helped it attract more users than several larger and more established rivals.
Rapido averaged 82 million monthly active users between March and May, up 67% year-on-year, according to digital and mobile app intelligence firm Sensor Tower. That put it ahead of Blinkit (79 million), Swiggy including its food delivery and quick commerce business (67 million), Zomato (63 million), Zepto (58 million), Uber (39 million) and Ola (27 million).
The ride-hailing major’s monthly transacting users (MTUs) stood at nearly 36 million for January, February, March, compared to Blinkit (27 million), Zomato (25 million) and Swiggy (25 million). Ola and Uber do not report their MTUs.
Rapido also led in ride volumes, with around 6.5 million rides booked daily in March, compared with 3.7 million for Uber and 1.5 million for Ola.
Analysts attribute much of that growth to Rapido's subscription-based business model, which replaces commissions on every transaction with a flat platform fee for both drivers and restaurants.
Sumir Chadha, co-founder & managing partner, WestBridge Capital, an early investor in Rapido, said Rapido is a great example of how technology can solve everyday mobility challenges at scale.
“We believe Rapido has helped make mobility more accessible and affordable for millions of Indians while also creating meaningful earning opportunities for one of India's largest gig workforces,” Chadha said. “The fact that it has grown into one of India's largest consumer internet platforms by daily engagement, reflects the strength of that value proposition.”
A company spokesperson attributes it to the company’s plans to invest behind customer and captain (riders and drivers) acquisition.
“Strengthening the platform experience for customers and captains at scale and going deeper into cities has helped us further grow on an already large base by expanding to cabs, e-rickshaw, and parcels beyond two-wheelers, which have also grown at a similar pace as the platform,” the spokesperson added.
Starting out with only auto (auto-rickshaw) and two-wheeler rides in 2015, Rapido added cabs to its platform in 2023. The company’s entry into the e-rickshaw segment is new and mostly in pockets of North India, including Punjab, Patna, and West Bengal's hill city of Siliguri.
A different business model
Ola and Uber, which started ride-hailing services much earlier, initially operated on a commission model, skimming 20-30% off a driver’s earnings. Rapido, on the other hand, provided a flat-fee model where drivers pay an upfront subscription fee to access the platform.
With earnings going completely to drivers, this approach has made a lot of drivers loyal to the Rapido platform, said Neil Shah, co-founder and vice president of research at Counterpoint Research. “This can make it easier to acquire customers, further lowering customer acquisition costs,” he added.
Uber began piloting a subscription model for rickshaws in February last year before widening to all vehicle segments in October. Similarly, Ola had moved the subscription model to autos in 2024 and finally expanded it to cabs in June last year.
As it grew, the company expanded into food delivery, financial services and car-pooling in 2025, through its subsidiaries Ownly, Shyogsamart Technology and Hopr, respectively.
The strategy for Ownly, which is up against listed behemoths Swiggy and Zomato, is similar to ride-hailing: subscription with zero commission, reducing friction but for restaurants.
The playbook is similar, too—consolidate metro markets and adjoining tier-II cities before going into smaller geographies.
Shyogsamart Technology operates as a financial services arm within Rapido itself, catering to riders working with Rapido, providing electric vehicle financing for two-wheelers, leasing, insurance and credit services that drivers may require.
Hopr, which was incorporated in May last year, is a step-down subsidiary focused on car-pooling services for daily office goers. The app allows users to pick a route and find rides with other people on a similar route to work.
Since its founding, Rapido has raised $798 million across various rounds with the latest being a $240 million raise in May this year led by Dutch investor Prosus with participation from Accel and WestBridge. Its latest round put the company's value at $3 billion, up from $1.1 billion in June 2025.
Unmet demand
Even as Rapido opens different business verticals, experts say that there's plenty of room for it to keep growing its ride-hailing business, primarily because demand from tier-II and beyond will outpace supply.
A February report from Redseer Strategy Consultants found that increasingly people are opting for utility in their travel, compared to premium options. Ride volume for two-wheelers and autos in 2025 grew 55% and 50%, respectively, compared to 36% for cabs.
Redseer’s report notes that “as demand expands beyond large cities, affordability and availability matter more than premium experience—naturally favouring lower-cost, flexible transport modes”.
Similarly, bikes and autos saw significantly higher growth in India's non-metros—46% versus 78% and 46% versus 64%, respectively.
“There is a lot of headroom for growth on the supply side because of so much unmet demand,” said Som Kapoor, leader, automotive, future of mobility and partner, consulting at EY-Parthenon India. “Even in five years, it'll remain a supply-side problem. With all ride-hailing platforms heading inward into the country, there will be more demand.”