**Uber CEO Identifies Rapido as Key Competitor in India’s Ride-Hailing Market**
Uber’s CEO, Dara Khosrowshahi, has recently indicated that the domestic ride-hailing service Rapido is now viewed as a more significant competitor than Ola, marking a notable change in the competitive dynamics of India’s ride-hailing sector. In a teaser from Nikhil Kamath’s podcast, “People by WTF,” Khosrowshahi stated that Rapido has become Uber’s “prime competition,” surpassing Ola, which previously held the title of market leader. “Ola used to be our main competition; now the tougher competition in India is Rapido,” he remarked during the podcast.
As of December 2024, research from equity advisory firm Equentis revealed that Uber leads the cab segment with a 50% market share, while Ola holds 34% and Rapido accounts for 14%, according to a report by Mint.
**Rapido’s Expansion in India**
Founded in 2015 by Pavan Guntupalli, Aravind Sanka, and Rishikesh SR, Bengaluru-based Rapido initially specialized in bike taxis but has since diversified to include auto-rickshaw and cab services. The platform currently operates in over 100 cities across India and aims to expand its reach to more than 500 cities by the end of the year, as reported in May.
Rapido’s latest funding round raised $30 million, led by Dutch investment firm Prosus. The company previously secured $200 million from WestBridge Capital and other investors, boosting its valuation to $1.1 billion and earning it the status of a unicorn.
**Ola’s Shift Towards Electric Vehicles**
While Ola’s parent company, ANI Technologies, remains unlisted, its electric vehicle subsidiary, Ola Electric, is publicly traded on both the NSE and BSE. Recently, Ola has shifted much of its focus to Ola Electric, which went public in 2024. However, the subsidiary reported a widening loss of ₹428 crore in Q1 of FY26, compared to ₹347 crore in the same quarter the previous year.
In summary, as Uber recalibrates its competitive landscape in India, Rapido’s rapid growth and expansion plans position it as a formidable player in the ride-hailing market, while Ola continues to navigate its transition towards electric mobility.
**FAQ**
**Q: What is Rapido’s current market position compared to Uber and Ola?**
A: As of December 2024, Uber leads with a 50% market share, followed by Ola at 34% and Rapido at 14%.