Car rental firm, Carzonrent India (CIPL) on 20 April 2015 acquired car-pooling startup firm Ridingo. The acquisition is aimed at achieving 6000 crore rupees revenue by having presence in 250 Indian cities in the next five years.
The acquisition is part of the strategy of company to build leadership into evolving sharing economy.
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.
CIPL has aggressive growth plans and aims to build a fleet of 100000 vehicles for its car sharing business.
Ridingo is a mobile and cloud-based solution provider of ride sharing. It was founded by Vardhan Koshal and Srivatsan Mohan.
Rajiv Vij is Managing Director (MD) and Chief Executive Officer (CEO) of Carzonrent.
When: 20 April 2015
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