MakeMyTrip on Friday said it acquired a majority stake in the shared mobility platform Quick Ride. Rajesh Magow said, “Ride pooling gives us a presence in high-frequency daily commutes within cities.” This move helps the company enter the ride-pooling market, allowing users to share daily journeys and intercity travel.
The acquisition will help MakeMyTrip expand into shared mobility, covering daily urban commutes and intercity travel, while complementing its existing ground transport portfolio.
MakeMyTrip has acquired a majority stake in Quick Ride, expanding its presence in shared mobility and ride pooling as it looks to serve customers across daily commutes and intercity journeys.
Hemlata Samant
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Travel technology platform MakeMyTrip on Friday said it had acquired a majority stake in shared mobility technology platform Quick Ride for an undisclosed amount. The acquisition will help MakeMyTrip establish a presence in the shared mobility and ride-pooling segment.
Bengaluru-headquartered Quick Ride is an asset-light mobility platform that enables users to carpool on similar routes, making commuting more efficient and affordable. The platform has partnered with enterprises, corporates, IT parks and business campuses so that employees can use the service.
Rajesh Magow, co-founder and group chief executive officer, MakeMyTrip, said, “Ride pooling gives us a presence in high-frequency daily commutes within cities, as well as intercity travel. We are excited to be part of the ride-sharing ecosystem, which has the potential to help ease traffic congestion by enabling more people to share their daily journeys.”
Ride-sharing will be complementary to the group’s existing ground transportation portfolio and will be housed under it. “We will bring the learnings from building redBus, both in India and in overseas markets, to grow and scale the business,” he added.
The Quick Ride brand and its ride-pooling business underwent an internal restructuring and are currently housed under a new entity, Co Ride Mobility Private Limited, with Quick Ride’s promoters continuing to lead the business. The platform’s erstwhile EV taxi business will remain with the predecessor entity, iDisha Info Labs Private Limited.
“We built Quick Ride to make it easier for people to connect and share their everyday journeys. Becoming part of the MakeMyTrip group is an important milestone for our team and for the community of users who have placed their trust in us. We look forward to drawing on MakeMyTrip’s reach and experience in travel to further scale the business,” KNM Rao, founder and CEO, Quick Ride, said.
Prakash Sangam, CEO, redBus, and head of ground transport, MakeMyTrip, said that the platform saw an opportunity to serve the same customer across their journeys, from the daily office commute to the weekend trip home.
MakeMyTrip has also expanded its presence through acquisitions across travel segments in recent years, such as Savaari in car rental services, Happay in corporate travel and expense management, Flamingo Transworld in regional group holiday packages and Atlys in visa processing. Its recent acquisition of Quick Ride offers an opportunity to enter the ride-pooling business.