Carzonrent acquires car-pooling company Ridingo
1 min read 20 Apr 2015, 02:02 PM ISTThe acquisition will help Carzonrent's target to build a fleet of 100,000 cars and to expand to 250 cities in the next five years
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Mumbai: Carzonrent India Pvt. Ltd, a car rental company, on Monday said it has acquired Bengaluru-based car-pooling service provider 42 Solutions Pvt. Ltd that operates Ridingo for an undisclosed amount.
“We have decided to make investments in technology, infrastructure and people to build a safe and sustainable ecosystem for car owners and passengers enabling use of the available resources and cars, delivering cost benefits to the car owners and passengers," chief executive Rajiv Vij said in a statement.
Carzonrent aims to build a fleet of 100,000 cars and plans to expand to 250 cities to earn ₹ 6,000 crore in the next five years.
In the last couple of years, the cab service industry has seen lot of new firms such as France-based BlaBlaCar, which launched its service in Bangalore this year. PoolCircle and LetsRide are Indian firms providing similar services.
Ridingo, a mobile and cloud-based solution provider of ride-sharing, was founded by Vardhan Koshal and Srivatsan Mohan in 2013. It has a community of over 10,000 registered users and has tackled problems of car-sharing by creating a strict entry barrier for registering.
Only professionals working in reputed companies and well-connected on LinkedIn are allowed to register. Ridingo verifies the listed employer by asking the applicant for an official email address as a part of registration.
The Indian cab industry is estimated to be worth ₹ 54,000 crore, of which only 8-10% is organized, according to Carzonrent’s statement.
