MakeMyTrip enters shared mobility space with majority stake in Quick Ride

MakeMyTrip on Friday announced it has acquired a majority stake in 'Quick Ride', a technology-led shared mobility platform, for an undisclosed sum.

The investment provides an opportunity for MakeMyTrip to establish its presence in the shared mobility/ride pooling segment, complementary to the group's existing ground transportation portfolio, the company stated.

Bengaluru-headquartered Quick Ride is a technology-led, asset-light shared mobility platform that connects people travelling along similar routes, enabling affordable ride pooling for everyday commutes.

The 'Quick Ride' brand and its ride pooling business underwent an internal restructuring and are now housed under a new entity, Co Ride Mobility Private Limited. MakeMyTrip has acquired the Quick Ride brand and its ride pooling business with a majority stake in this entity.

Quick Ride's promoters will continue to lead the business. Its erstwhile EV taxi business will remain with the predecessor entity, iDisha Info Labs Private Limited, MakeMyTrip stated.

Rajesh Magow, Co-Founder & Group Chief Executive Officer, MakeMyTrip, said, "As part of our expansion strategy, we have pursued selective strategic partnerships, investments and acquisitions that complement and strengthen our existing business and expand the breadth and depth of our offerings. Ride pooling gives us a presence in high-frequency daily commutes within cities, as well as intercity travel".

Quick Ride will be housed under our ground transport business, and we will bring the learnings from building redBus in India and overseas markets to grow and scale the business, he added.

KNM Rao, Founder and CEO, Quick Ride, said, "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".

In recent years, MakeMyTrip has made acquisitions across travel segments, including Savaari in car rental services, Happay in corporate travel and expense management, Flamingo Transworld in regional group holiday packages and through strategic minority investment in Atlys in visa processing.