India, May 12 -- Rapido is shifting gears. Known for its bike taxis, the ride-hailing company is now doubling down on four-wheelers as it chases a bigger share of India's cab market, which is dominated by Ola and Uber. "Currently, we're north of 20% market share in four wheelers. We're looking to be at over 30% pan-India by the end of 2025," Pavan Guntupalli, one of Rapido's co-founders, told Mint in a telephone interview. Rapido also plans to double its presence across cities in India across segments this year. "From our existing 120 cities, we will be going to 500 cities by the end of the year," said Guntupalli. The company did not respond to Mint's queries about which cities it is targeting for its four-wheeler growth, or how much it planned to invest in this expansion. According to research from equity advisory firm Equentis, as of December 2024, Uber dominated the cab category with 50% market share, with Ola sitting at 34% and Rapido at 14%. Rapido is banking on its "unique" approach to the ride-hailing market for its four-wheeler push. Unlike incumbents Ola and Uber, which operate on a commission-based model, Rapido has taken a subscription-based approach or SaaS (software as a service) model. Instead of taking a cut from every ride, Rapido charges its drivers-referred to as captains-a fixed monthly fee to use its platform. Drivers have an option to choose between a daily, weekly and monthly subscription. "When you start being a technology provider to a captain, he himself will maximise his earnings. He uses the tools that we provide and figures out how to maximise his earnings at a very nominal cost. This means that he has a lot more pricing power," said Guntupalli. Rapido claims this model has unlocked a new supply of drivers who had previously been reluctant to join the ride-hailing economy. According to the company, 15% of its driver base comprises individuals new to the sector, drawn in by the subscription model. "We're tapping into a supply that wasn't interested earlier thanks to our SaaS model," said Guntupalli. Initially introduced with two-wheelers, the subscription model later extended to auto-rickshaws and, more recently, to four-wheelers. The company now claims to complete around half a million rides daily across its four-wheeler segment alone. Ola and Uber declined to comment on the number of cab rides they clock in a day. Equentis' research from December last year shows that Uber completed 8,40,000 rides across all categories daily, while Ola does 4,60,000 and Rapido does 3,20,000. Mint could not immediately verify the claims made in the report. Ola and Uber have only recently begun experimenting with more driver-friendly payment models. Uber, for instance, still retains online payment options for two-wheelers....