Carzonrent Acquires Ridingo- A Car-Pooling Company

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Chandigarh 20^th April:- 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 build leadership 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 Start ups "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 Vardhan Koshal and Srivatsan Mohan, a community of over 10,000 registered users on the platform.

Commenting on the acquisition, Rajiv Vij, MD & CEO, CIPL said that 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 that 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.