MakeMyTrip acquires majority stake in Quick Ride, enters ride-pooling business
MakeMyTrip acquired a majority stake in Quick Ride to enter the ride-pooling segment, expanding its ground transportation and daily commute offerings.
MakeMyTrip has acquired a majority stake in Bengaluru-based shared mobility platform Quick Ride, marking its entry into the ride-pooling segment.The company announced the acquisition on November 6.The Quick Ride brand and its ride-pooling business have been transferred to a newly formed entity, Co Ride Mobility Private Limited, in which MakeMyTrip has acquired a majority stake. Quick Ride's promoters will continue to lead the business.Quick Ride connects people travelling along similar routes to facilitate shared rides, primarily for daily commutes. It operates an asset-light model and has partnerships with corporates, IT parks and business campuses.The acquisition covers Quick Ride's brand and ride-pooling business.
Its existing electric vehicle taxi business will continue to operate under the predecessor entity, iDisha Info Labs Private Limited.MakeMyTrip said Quick Ride would be part of its ground transportation business, which also includes redBus. The company said the acquisition would expand its presence in daily urban commutes and intercity travel."Ride pooling gives us a presence in high-frequency daily commutes within cities, as well as intercity travel," MakeMyTrip Co-Founder and Group CEO Rajesh Magow said in a statement.The acquisition adds to MakeMyTrip's investments and acquisitions across travel-related segments. These include Savaari in car rentals, Happay in corporate travel and expense management, and Flamingo Transworld in group holiday packages. The company has also made a minority investment in visa-processing platform Atlys.
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