MakeMyTrip enters shared mobility space with majority stake in Quick Ride
MakeMyTrip has acquired the Quick Ride brand and its ride pooling business with a majority stake in this entity.
MakeMyTrip announced on Friday the acquisition of a majority stake in Quick Ride, a Bengaluru-based technology-led shared mobility platform. The undisclosed sum paid for the majority stake positions MakeMyTrip to enter the shared mobility/ride pooling segment, expanding its ground transportation portfolio. Quick Ride's brand and ride pooling business have been restructured as Co Ride Mobility Private Limited, with the Quick Ride promoters retaining leadership.
The EV taxi business previously operated by Quick Ride will remain under iDisha Info Labs Private Limited. MakeMyTrip's Co-Founder and Group Chief Executive Officer, Rajesh Magow, stated that the strategic move aligns with the company's goal to provide services in high-frequency daily commutes and intercity travel. Quick Ride's Founder and CEO, KNM Rao, expressed gratitude for the partnership and anticipation of leveraging MakeMyTrip's travel expertise to scale the business.
MakeMyTrip has previously acquired companies such as Savaari, Happay, Flamingo Transworld, and made strategic minority investments in Atlys.
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