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Carzonrent acquires Ridingo to provide ridesharing services

Car rental company Carzonrent India Pvt Ltd , which operates radio taxi services under the name EasyCabs, has acquired the rideshare startup Ridingo, reports The Economic Times. Following this acquisition, Carzonrent will get into the ride sharing business, which it expects to be 75% of its total business in the next 5 years. The companies refused to reveal the value of the cash and share deal. Ridingo currently provides an app for car owners to connect to people looking for a ride. Users get to pay for the ride through the app itself, which the company then distributes to the car owners. As for safety, the platform is only accessible to users registering via social media platforms and sharing a copy of their driving licence. Founded in 2013 by S Mohan and Vardhan Koshal, the platform claims to have 8,500 registered users in Bangalore and claims to average 400 trips a day. Carzonrent, on the other hand, was founded in 2000 and provides users with chauffeur-driven cars and limousine service, Myles for self drive options and EasyCabs for regular cab service. The platform operates across 40 cities, and provides services at airports as well. Carzonrent mentions it plans to scale the ridesharing service to 250 cities in the next five years and continue to use the Ridingo brand name. The company said it is currently in talks with private equity players to raised around $75 million for expansion and has plans to go public in the next two years. Note that at present,…

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