Carzonrent buys startup Ridingo; aims Rs 6K cr sales in 5 yrs

Firm plans to have a fleet of 100,000 vehicles in car sharing business, will expand across 250 cities

Car rental firm, Carzonrent today acquired car-pooling startup firm Ridingo, as it plans to grow aggressively and achieve Rs 6,000 crore revenue by having presence in 250 Indian cities in the next five years.

"Carzonrent India (CIPL) today acquired Ridingo, a car-pooling startup company as part of its strategy to build leadership into evolving 'sharing economy'," CIPL said in a statement.

It further said: "CIPL has aggressive growth plans and aims to build a fleet of 100,000 vehicles for its car sharing business, expand to 250 Indian cities and achieve revenues of Rs 6,000 crore in the next five years."

Carzonrent MD and CEO Rajiv Vij said: "We believe that over the next few years the biggest opportunity in the ground transportation industry is the buildup of shared economy in this sector.

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."

Ridingo, a mobile and cloud-based solution provider of ride sharing, was founded by Vardhan Koshal and Srivatsan Mohan.