Quick Ride raises $14.4 Million from Naspers, Sequoia and Venture Highway in Series B funding round.
Quick Ride is focusing to expand its revenue 10 to 15 times by next year.
The ride-sharing segment is going to be $761 Million markets by 2022.
Bengaluru-headquartered car and bike-pooling startup Quick Ride has raised INR 100.78 Cr ($14.4 Million) in Series B funding from its existing investors Naspers, Sequoia and Venture Highway. According to a Ministry of Corporate Affairs filing Quick Ride has issued equity shares at a premium of INR 1.404 Lakh while preference shares were issued at a premium of INR 1.403 Lakh. By this fund Venture Highway’s Priya Mohan has been appointed as an observer of the board of Quick Ride and Naspers’s Ashutosh Sharma has been appointed as a director of Quick Ride. The startup has also raised Series A funding round from Venture Highway, Naspers, and Sequoia.
Quick Ride connects folks traveling on the same route and at the same time. It assists to identify matches, communicate, connect instantly and share costs in a cashless way. Quick Ride app works in the way that it allows vehicle owners to register on its platform and connect with users following a similar route. The platform intelligently matches riders and ride takers with an objective of cost saving, traffic congestion, enhanced transit times and reducing air pollution. The app also permits vehicle owners to opt for the cost with default recommended fare of INR 3 per km, which can vary from INR 0-8 per km depending upon the vehicle type. The company charges 5% commission from vehicle owners for every ride to the company for every ride undertaken through it as a service fee to cover technology development, payment gateway charges, and cloud infrastructure. It also permits vehicle owners to offer a free ride as a green initiative or purely for sharing a purpose — the company does not charge any commission in such a case. Quick Ride is planning to expand its revenue 10 to 15 times by next year.
The company provides its services in major metropolitan cities of India including Mumbai, Chennai, Delhi NCR, and Bengaluru. At present, the company has shared more than 121 Million kilometers among its 1.3 Million users who have shared more than 14.1 Million rides using the platform.
According to a Statista report, revenue in the ride-sharing segment accounts to $371 Million in 2018 and is expected to show an annual growth rate of 19.6%, resulting in a market of $761 Million by 2022. A study by the global research organization World Resources Institute (WRI) found that India’s car-sharing industry is enhancing aggressively and it could potentially reduce car ownership in the long term.
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