MakeMyTrip Acquires Majority Stake In Quick Ride To Enter Ride Pooling
MakeMyTrip is getting into carpooling. The Nasdaq-listed traveltech company has acquired a majority stake in Bengaluru-based Quick Ride for an undisclosed amount, giving it a presence in ride pooling, which it says complements its existing ground transportation portfolio. Quick Ride’s brand and ride-pooling business have been transferred to a newly formed entity, Co Ride Mobility Private Limited, in which MakeMyTrip holds the majority stake, and Quick Ride’s promoters will continue to lead the business. Its earlier electric taxi business remains with its predecessor entity.
Founded in 2014 by KNM Rao, Quick Ride connects commuters travelling in the same direction through its app and also offers an enterprise shared-mobility service used by companies including Wipro, TCS, Infosys, IBM and Cognizant. It operates in eight cities, from Bengaluru to Kolkata, and has raised over $14 million from investors including Prosus and Venture Highway. MakeMyTrip says it plans to draw on its experience building redBus to scale the business.
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