Carzonrent buys out RidingO car-pooling service

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Delhi-based cab aggregator Carzonrent has added car-pooling to its list of offered services by acquiring the Bangalore-based start-up, RidingO.

RidingO was started in 2013. It connects car owners with people looking for rides within the city. Using the internet or a mobile phone, a car owner can share empty seats in his car while commuting to and from a venue. It is an on-demand service where the car owner need not commit to ride sharing on a daily basis. The company claims to have a customer base of 8,500 users in Bangalore and clocks about 400 trips a day.

The amount for the buyout is undisclosed. Carzonrent is backed by firms like WestBridge Capital and BTS Advisors. It offers radio cabs under the brand name Easy cabs and self-drive rentals under the brand name Myles. It believes that the ride-sharing business will contribute over 75% of its business.

Source: Financial Express