CHENNAI: Rapido will think of public listing when it has captured 70-75% of the ride-hailing market, says the Vivek Krishna, vice-president, finance, in an interaction with the New Indian Express. Krishna said eventually they will go for an IPO – may be in the next two years.
Rapido, which began with bike-taxis as an affordable mobility solution tailored to Indian market needs, has now surpassed all competitors in overall ride numbers across categories with 50% market share, said Krishna.
“Our focus has always been India—affordability, better earnings for riders, and fast, convenient services,” Krishna told The New Indian Express. “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 said Rapido today leads the ride-hailing market in combined category share. “Across all three categories together, we are larger than Uber. In cabs alone we are behind, but only by about 25–30%. We expect to catch up soon,” he said. Rapido’s market share in cabs is around 30%, while its overall share across categories is “around 50%”, he added. “In terms of market size, we are about 2x (of Uber).”
Krishna said Rapido is focused on the mass market and deeper penetration rather than premium customers. The company is currently present in nearly 450 cities and aims to expand to all district headquarters—around 800 locations—by March 2026.
“Bike-taxis are usually the entry point. Wherever there is demand and affordability, we introduce other services,” he said. Rapido’s cab service is operational in about 130 cities currently.
On the regulatory challenges around bike-taxis, Krishna said the issue remains only in Karnataka, where the matter is sub judice.
“Everywhere else we either have licences or ongoing positive policy discussions. We have licences in 15 states,” he said. On Karnataka, Krishna said the High Court has repeatedly observed that the government cannot impose a blanket ban on allowing individuals to earn livelihoods using their vehicles. “If that stands, platforms like ours are simply digital facilitators. We expect clarity eventually.”
He said investors remain bullish on Rapido’s growth prospects, particularly due to its differentiated approach targeting the mass-market mobility segment.
“Our major investors are WestBridge, Nexus, Prosus, and Accel (which is exploring secondary share purchases). The opportunity is massive,” he said. A recent secondary share transaction between Prosus and Swiggy valued Rapido at about $2.5 billion, he confirmed. Prosus recently invested as much as $67 million in the mobility firm, increasing its stake to around 10.2%.
Together, WestBridge, Nexus, Prosus and Accel hold more than 60% in the company. Founders – Pavan Guntupalli and Rishikesh SR – hold just over 11% in the company.