Indian-Based Carzonrent Purchases Carpooling Company

Carzonrent India Pvt. Ltd, an Indian-based car rental company headquartered in New Delhi, has acquired Ridingo, a carpooling startup company, according to a report by The Hindu Business Line.

Founded by Vardhan Koshal and Srivatsan Mohan, Ridingo is a peer-to-peer carpooling community where professionals are allowed to register via LinkedIn. To verify a listed employer, the applicant has to provide an official email address as part of registration, according to the report.

Ridingo’s mobile and cloud-based platform was rated by Forbes as one of the “hottest startups” in 2013, says the report.

“We are thrilled to be associated with Carzonrent,” Koshal told The Hindu Business Line. “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.”

In the next five years, Carzonrent plans to expand its ride-sharing business to 250 Indian cities. Carzonrent launched self-drive carsharing under its Myles brand about 15 months ago, says the report.

“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,” Rajiv Vij, CEO of Carzonrent, told The Hindu Business Line. “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.”

Click here for the full Hindu Business Line report:

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