Carzonrent acquires Ridingo- a Bangalore based Car-Pooling Company

Invests to build an eco-system for “Shared Economy” in Personal Ground Transportation in India

Chandigarh, April 20, 2015: Carzonrent India Pvt.Ltd. - India’s leading urban mobility solutions provider, today acquired Ridingo, a car-pooling start-up company as part of its strategy to buildleadership into the evolving “sharing economy”.

Ridingo which is a Mobile and Cloud based solution provider of ride sharing was rated by “Forbes” as one of the “Hottest Startups” in 2013 and was also a part of “Nasscom 10000 Startups”Program supported by Google, Microsoft, Verisign, Kotak and Intel to scale up the startup ecosystem in India. Ridingo has also been included by Karnataka government in Karnataka MobileOne program in 2013.

A peer to peer car-pooling community founded by VardhanKoshal and Srivatsan Mohan, a community of over 10,000 registered users on the platform.

Commenting on the acquisition, Rajiv Vij, MD & CEO, CIPLsaid, “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. 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 benefitsto 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.

Vardhan Koshal, Co-founder Ridingo 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”.

Ridingo with its state-of-the-art technology solutions has tackled all the problems of car sharing by creating a very strict entry barrier for registering in Ridingo. Only professionals working in reputed companies and/ or well connected on LinkedIn are allowed to register. Ridingo verifies the listed employer by asking the applicant for official email address as a part of registration.

CIPL launched self-drive car sharing under Myles brand about 15 months back and has acquired over 60000 individual travelers who now use Myles self-drive cars for their local and outstation travel.

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 Indian cab industry is estimated to be INR 54000 crore out of which only around 8 to 10 percent is organized. India has seen a sea change in this sector in last couple of years with the entry of various international as well as indigenous players entering the market. The biggest opportunity in this sector is car- pooling/ car sharing/ ride sharing which has given birth to a new definition of shared economy.