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Carzonrent India Pvt. Ltd, India’s leading urban mobility solutions provider, today acquired Ridingo, a car-pooling start-up company as part of its strategy to build leadership into the evolving “sharing economy”.
A peer to peer car-pooling community founded by Vardhan Koshal and Srivatsan Mohan, with a community of over 10,000 registered users on the platform, Ridingo has tackled all the problems of car sharing by creating a very strict entry barrier for registering on its platform. Only professionals working in reputed companies and/or are well connected on LinkedIn are allowed to register. Ridingo verifies the listed employer by asking the applicant for official email address as a part of registration.
The mobile and cloud-based solution provider was rated by “Forbes” as one of the “Hottest Startups” in 2013. Ridingo was also a part of “Nasscom 10,000 Startups” Program supported by Google, Microsoft, Verisign, Kotak and Intel to scale up the startup ecosystem in India. Ridingo has also been included by the Karnataka government in Karnataka MobileOne program in 2013.
Commenting on the acquisition, Rajiv Vij, MD & CEO, CIPL, said, “We believe that over the next few years the biggest opportunity in the ground transportation industry is the build-up of shared economy in this sector. Carzonrent has decided to make investments into technology, infrastructure and people to build a safe and sustainable eco-system for car owners and passengers enabling use of the available resources and cars, delivering cost benefits to the car owners and passengers. Ridingo founders have deep knowledge of the sharing economy and will be leading Carzonrent efforts in the ride sharing opportunity in the market.
CIPL has aggressive growth plans and aims to build a fleet of 100,000 cars for its car sharing business, expand to 250 Indian cities and achieve revenues of INR 6000 crores in the next 5 years. The company launched self-drive car sharing under Myles brand about 15 months ago and has acquired over 60,000 individual travellers who now use Myles self-drive cares for their local and outstation travel.
Vardhan Koshal, Co-founder Ridingo said, “We are thrilled to be associated with Carzonrent. They are the pioneers in urban mobility solutions in India. With their national network, corporate and individual customer base, experience in the industry and focus on ride sharing opportunity, we will soon expand our reach throughout the country”.
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