MakeMyTrip Acquires Stake in Quick Ride, Enters Ride-Pooling
MakeMyTrip has obtained a controlling interest in the Bengaluru-based shared mobility platform Quick Ride, signifying its entry into the ride-pooling sector as the online travel firm aims to broaden its ground transportation offerings beyond traditional travel services.
The purchase provides MakeMyTrip with access to Quick Ride’s tech-driven platform, linking commuters on similar paths to enable cost-effective shared rides. The platform centers on daily office travel and employs a resource-efficient model that promotes the sharing of current vehicles.
Quick Ride adopts an enterprise-driven business model, establishing partnerships with corporations, IT parks, and business campuses.
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In the course of an internal reorganization, Quick Ride's brand and ride-pooling functions have been moved to a new organization, Co Ride Mobility Private Limited. MakeMyTrip has obtained the brand and ride-pooling operations by acquiring a controlling interest in this company.
The promoters of Quick Ride will maintain leadership of the business. Its former electric vehicle (EV) taxi services, however, will stay with the previous entity, iDisha Info Labs Private Limited.
Rajesh Magow, Co-Founder and Group CEO of MakeMyTrip, noted that the acquisition would enhance the firm's footprint in both daily high-frequency urban commutes and intercity transportation. He mentioned that Quick Ride will be incorporated into MakeMyTrip's ground transportation division, with the firm aiming to utilize its expertise in developing the bus ticketing platform redBus to grow the business.
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Prakash Sangam, CEO of redBus and Head of Ground Transport at MakeMyTrip, mentioned that the acquisition would enable the group to meet customers’ diverse travel needs, ranging from daily work commutes to weekend getaways.
The deal comes after MakeMyTrip's growth through acquisitions and investments within the travel sector. Its earlier agreements encompass Savaari in vehicle rentals, Happay in business travel and expense oversight, and Flamingo Transworld in local group vacation packages. It has also made a strategic minority investment in the visa-processing platform Atlys.
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Through Quick Ride, MakeMyTrip is incorporating ride pooling into its offerings, expanding its reach in ground transport and daily mobility.
KNM Rao, Founder & CEO, Quick Ride, says, “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.”