Delhi-based cab taxi aggregator company Carzonrent has acquired Bangalore based ride sharing startup RidingO. Two year old RidingO was started by Srivatsan Mohan, engineer with HP R&D and Vardhan Koshal, ex-employee of analytics startup Marketilligent, Vardhan Koshal.
The market size of the cab booking industry in India is estimated to be roughly INR 14000 Cr., thus providing room for various players in this segment.
The financial terms of the deal has been left undisclosed for now. With this acquisition, now Carzonrent will enter into ridesharing space and further expects to take it to over 75% of its total business in the next five years.
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