Bengaluru-based Rapid saw its revenue grow significantly in FY24, reaching Rs 11.40 crore.
Rapid enables companies to set up and manage their teams in India without establishing a local entity, offering compliance-focused HR services, payroll management, and curated benefits like health insurance and background verification. Its platform also provides access to a marketplace for additional services like workspace leasing, IT asset procurement, and visa processing.
Founded in 2022 by Navin Rungta, Rapid has raised Rs 2.20 crore in funding over one round, with its most recent funding in October 2023. Navin Rungta holds the majority of the company’s shares, while the ESOP pool accounts for 16.55%.
Expenses rose significantly to Rs 12.46 crore in FY24 from Rs 8.76 lakh in FY23. Employee benefit costs accounted for 84.59% of total expenses in FY24. Advertisement costs represented 5.51% of total expenses in FY24, while depreciation and finance costs remained minimal at 0.93% and 0.18%, respectively.
Losses widened to Rs 78.53 lakh in FY24 from Rs 6.93 lakh in FY23, reflecting the company’s heavy investment in scaling operations. However, the EBITDA margin improved to -8.10% in FY24 from a staggering -12568.73% in FY23. The ROCE, however, declined to -251.20% in FY24 from 430.46% in FY23.