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Published : 3 Feb 2025

Overview

Market Growth and Rapido's Dominance
Series E-Funding and Becoming a Unicorn
Strategic Collaboration with the Election Commission of India
Charting the Future of Ride-Hailing

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As the ride-hailing landscape is rather competitive, it evolves with strategic initiatives and, most importantly, the changing user experiences over time. Amid this dynamic environment, Rapido has emerged as a formidable player by disrupting the market with innovative strategies and remarkable growth trajectory.

Market Growth and Rapido's Dominance

Over the past year, the overall market for ride-hailing apps grew from 80 million to 85 million in total installs, while active users surged from 18.5 million to 21 million. Notably, in August, Rapido contributed 42% of the total new installs in the ride-hailing segment. This recurred growth indicates that the brand has been able to attract users in a highly saturated market.

Series E-Funding and Becoming a Unicorn

The major growth-turning point was when, in July 2024, Rapido bagged Series E funding that took its valuation to unicorn status at $1.1 billion. It crossed a historic record in terms of active user growth 33% in December 2024. User acquisition picked up significantly during the months post the funding round with August and October being record-breakers. August alone recorded 589k new installs for Rapido, significantly outperforming Uber’s 379k and Ola’s 430k.

Strategic Collaboration with the Election Commission of India

A pivotal moment in Rapido’s expansion came in May 2024, marked by a strategic partnership with the Election Commission of India. Offering free rides on May 25th to encourage voter participation, Rapido not only supported a social cause but also significantly boosted brand visibility. However, the effect was quick and measurable as new installs for Rapido rocketed by 16% in comparison to Uber's lowly 1% growth and Ola's 17%. This event finally showed how strong meaningful partnerships can be in driving user acquisition and brand loyalty.

Charting the Future of Ride-Hailing

Rapido's journey over the past year highlights the power of strategic decision-making and actionable insights. As the competitive landscape continues to evolve, leveraging market intelligence and user data will remain critical for sustained growth and success.