Rapido (Roppen Transportation Services)
India's largest bike-taxi and three-wheeler platform, valued at $3 billion after a $240 million Prosus-led round, targeting IPO groundwork by end-2026.
Market cap
₹21,670 Cr
1.30 Cr shares
P/E ratio
Loss making
Sector average 60
Book value
₹1,076.68
P/B 15.46
1-year return
+0.00%
52w ₹16,650 – ₹16,650
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹16,650 → ₹16,650
52-week band in this window: ₹16,650.00 – ₹16,650.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY25 revenue ₹934 Cr (+44%), loss ₹258 Cr (down from ₹370 Cr); operating profitability targeted for FY26.
- $240 million Series F led by Prosus in May 2026 at a $3 billion valuation; WestBridge and Prosus own 56%.
- Bike-taxi leader expanding into autos, cabs, parcels and zero-commission food delivery (Ownly).
About Rapido
Roppen Transportation Services Private Limited operates Rapido, the ride-hailing app founded in 2015 by Aravind Sanka, Pavan Guntupalli and Rishikesh S R. Starting with bike taxis, it now runs autos, cabs, parcel delivery and, since 2026, a zero-commission food-delivery service called Ownly, across more than 100 Indian cities on a subscription (SaaS) model for driver-partners rather than a per-ride commission.
FY25 operating revenue rose 44% to ₹934 Cr while the consolidated loss narrowed to ₹258 Cr from ₹370 Cr; management says the company was profitable in one quarter of FY25 and expects operating profitability through FY26. In September 2025 Swiggy sold its roughly 12% stake for about ₹2,400 Cr at a $2.3 billion valuation, and in May 2026 a $240 million Series F led by Prosus, with WestBridge and Accel, lifted the valuation to $3 billion as part of a $730 million primary-plus-secondary transaction.
WestBridge Capital (29.7%) and Prosus (26.2%) together own more than half the company; Nexus Venture Partners holds 9.1%, with the founders, Shell Ventures, Think Investments, Accel and employees holding the rest. The unlisted float comes from employee ESOPs and early angels; at 1.30 Cr shares of ₹1 face value, the wwipl.com rate of ₹16,650 implies a market value of about ₹21,700 Cr, in line with the last two priced rounds.
Figures preliminary; verify from MCA filings. Revenue and loss headlines are from the FY25 filing as reported in the press; balance-sheet lines, other income and the FY23 year are estimates. Dealer quotes for Rapido vary widely (₹16,650 on wwipl versus far higher numbers elsewhere that appear to use a different share count), so confirm the ISIN and share count before trading.
Where the revenue comes from
- Bike taxi55%
Core two-wheeler ride-hailing; subscription fees from captains; estimate
- Auto & cab35%
Three-wheeler and four-wheeler rides under the same SaaS model; estimate
- Delivery, food & other10%
Parcel delivery, Ownly food delivery (launched 2026), advertising; estimate
Products & services
Rapido Bike
Two-wheeler taxi service, the original and largest business.
Rapido Auto & Cab
Three- and four-wheeler ride-hailing on a driver-subscription model.
Ownly
Zero-commission food delivery launched in Bengaluru in 2026 with a flat ₹30 delivery fee.
Parcel & local delivery
Same-city package delivery using the captain network.
What works
- • Category leader in bike taxis and a strong number two in autos, with a driver-subscription model that keeps take-rate economics predictable.
- • Loss halved in two years while revenue compounded above 40%; management guides to operating profitability in FY26.
- • Deep-pocketed, aligned investors — Prosus and WestBridge hold 56% — and a $3 billion mark set in May 2026.
- • Optionality from new verticals: Ownly food delivery, parcels and cab services leverage the existing rider base.
What to watch
- • Regulatory exposure: bike-taxi legality is decided state by state (Karnataka and Maharashtra bans have hit operations before) and rules can change quickly.
- • Uber and Ola compete in every segment; food delivery pits Rapido against Zomato and Swiggy with far larger balance sheets.
- • Still loss-making on a full-year basis; capital raised in 2026 funds growth, so dilution is ongoing.
- • IPO groundwork is only 'by end-2026'; a listing is likely 2027-28 at the earliest, and the unlisted float is thin.