New Delhi based Carzonrent India Pvt.Ltd. has acquired Bangalore-based RidingO, an online platform that allows people from reputed companies to carpool or safely share rides in their car with other people with a similar background.
Commenting on the acquisition, Mr. Rajiv Vij, MD & CEO, Carzonrent India Pvt.Ltd 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.”
With its office in Bangalore’s NASSCOM Startup Warehouse, RidingO is a New Delhi based product startup and result of hardwork from its three co-founders Vardhan Koshal, Srivatsan Mohan and Presha Paragash.
Vardhan Koshal, Co-founderRidingo 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.”
Carzonrent India Pvt.Ltd (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 has decided to make investments into technology, infrastructure and people to build a safe and sustainable ecosystem for car owners and passengers enabling use of the available resources to deliver cost benefits.