Uber’s India Ambitions Face Latest Challenge From Rival Rapido

A ride-hailing unicorn little known outside of India is gaining users faster than Uber Technologies Inc., disrupting the San Francisco titan’s effort to conquer a key growth market.

Rapido, based in the southern city of Bangalore, has upended the local transportation sector with its inexpensive motorcycle taxis and unique pricing model, racking up more downloads last year than Uber and fellow Indian rival Ola. The startup has now achieved profitability for the first time, its co-founders said in an interview, setting them up for a potential public listing.