The car-pooling startup in Gurugram, sRide has attracted a big investment of $4.2 Million from cab service giant Ola. Ola is preparing its cab-sharing platform stronger in India by investing in this new startup.
As per the media report, Ola is diligently discussing with the above-mentioned brand for the investment plan and for acquiring 26% stake. In the same note, many other capital investment firms are also seeking investment alongside Ola in the same company.
sRide is all set to enjoy a big round of investment from the leading brand and other investment giants in India. Ola has not responded to the queries of this ongoing investment discussion.
sRide: Online Platform For Carpooling
sRide, a remarkable startup founded by Nitin Chadha and Lakshna Chadha Jha back in 2014 is currently the hot topic for investors. This Gurgaon-based venture provides a brilliant online platform to find shared cabs to reduce conveyance cost and travel time.
sRide managed to secure $1 Million seed funding back in 2016. It operates in Kolkata, Chennai, Bangalore, Delhi, Hyderabad, Mumbai, and Pune. This innovative app provides information regarding a passenger in a particular location needing a service or a cab owner offering the service.
The real-time matching of the requirements and service exceptionally reduces the cost of traveling. sRide has made extraordinary deals with big MNCs such as Capgemini, MasterCard, Infosys, TCS, etc.
Ola: Strengthening Presence By Enhancing Portfolio
Ola has started the fortification of its presence in the urban mobility section. Ola committed to investing $100 Million in a scooter sharing app named Vogo in December 2018. It then diverted 150 million users to book Vogo scooters using its platform.
Ola has entered its Series J funding from Mirae Asset-Naver Asia Growth. This firm has committed to provide $100 Million investment, a significant part of this $1 Billion round of funding.
Ola has been showcasing bullish behavior in expanding its territory in other countries and grabbing international markets. The fund-raising event is very important for its future plans. It is currently operating in Australia, Indonesia, and New Zealand. It will soon initiate its operations in the UK.
Indian scenario of urban mobility
The urban mobility of Indian cities has been plagued by a rising number of private vehicles and unorganized planning of city roads. The pollution level of the leading cities is also alarming.
A study from the World Resources Institute (WRI) reveals that the car-sharing industry in India has immense potential. It can be vehemently used to tackle pollution by reducing the number of cars on the road.
A report from Statistica suggests that the estimated revenue in this ride0sharing industry has the potential to reach $371 Million with a compound annual growth rate of 19.6% (2018-2022). The market volume might reach $761 Million by 2022.