Rapido targets IPO by next year; Co-founder Aravind Sanka says 100% growth to continue

In India’s booming IPO market, bike and cab aggregator Rapido is gearing up for a public listing by next year, according to co-founder Aravind Sanka.

In an interview with PTI, Sanka said the company aims to sustain its 100% year-on-year growth rate over the next few years and strengthen its market position before going public.

“We have been growing 100% in the last two years. We want to at least continue that growth rate for a few more years and then think of the market,” he said, adding that IPO timelines may shift quarterly depending on business performance. “We are trying to do everything, and we want to be there by the end of next year,” he noted.

Sanka highlighted that Rapido is now operationally profitable. “We don’t lose money anymore and invest in brand campaigns,” he said. “Last year, one quarter we turned profitable. This complete year, we should be very close to that.”

In September, Rapido lost one of its largest investors, Swiggy, after both companies began competing in food delivery. Swiggy CEO Harsha Majety said the conflict prompted the move, “When we got in two-and-a-half years back, it was a mobility player doing really well. Unfortunately, they decided to get into food delivery themselves. That made us take notice of the conflict, and therefore we are planning to go separate ways on this.”

The food and grocery delivery platform subsequently exited its 12% stake in Rapido for Rs 2,400 crore, doubling Rapido’s valuation to Rs 20,000 crore.