Ola planning to buy 26% stake in Carpooling Startup sRide by investing $4.2 Million

Key Highlights

Ola plans to invest $4.2 Million in Gurugram based Carpooling startup sRide.

sRide is recently in function in Delhi, Mumbai, Kolkata, Pune, Bengaluru, and

Ride-sharing segment is enhancing with a growth rate of 19.6%

Bangaluru based ride-hailing giant Ola is exaggerating it’s business and tightening its grip in cab hailing services by planning to invest $4.2 Million in Gurugram based Carpooling startup sRide. Some other venture capital firms are also participating in the funding round of sRide.

sRide carpooling startup initiated its a journey in 2014 by creative minded Nitin Chadha and Lakshan Chadha Jha. It is a corporate carpooling app to assist users in reducing travel time, sharing the cost of travel and enhancing mobility. It collects user’s location, verifies whether said the user is a rider or one in the wish to provide ride and matches appropriate passengers with drivers. It assists in reducing riding time and money by picking multiple passengers on the way to pay the vehicle owner. 

sRide is recently in function in Delhi, Mumbai, Kolkata, Pune, Bengaluru, and Chennai. The startup has tie-up with corporate unicorns TCS, Wipro, MasterCard, Infosys, and Capgemini. Previously in 2016, it has raised $1 Million in seed funding of an undisclosed amount in 2014.

Ola is widening its cab riding business and portfolio. It has invested $100 Million in 2014 in Vogue, a scooter service providing startup and in turn, allowed it’s 150 Million users to initiate booking Vogo scooters from its app. Ola is raising funds from lots of investors and has secured $100 Million commitment from Mirae Asset-Naver Asia Growth in its $1 Billion series J funding round. Ola is trying hard to explore its wings globally and is currently providing service in Indonesia, Australia, New Zealand and aiming to expand in the US too.

Carpooling service is emerging as new face of hope for ride-hailing  companies and folks are taking a huge interest in availing it benefits because in urban area road are not planned in a proper way and people have to face congested traffic because of the increased number of vehicles in the city. A statistics report suggests that ride-sharing segment is enhancing in great pace it is currently whopping $371 Million in 2018 with a growth rate of 19.6% and expected to result in a market volume of $761 Million by end of 2022.

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