“The deal is currently at the due diligence stage, with both sides examining the business and working through the details of the proposed transaction,” one of the sources said.
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MakeMyTrip is in talks to acquire car and bike pooling platform Quick Ride, sources familiar with the matter told Entrackr.
“The deal is currently at the due diligence stage, with both sides examining the business and working through the details of the proposed transaction,” one of the sources said on condition of anonymity.
According to sources, the acquisition is being explored through redBus, with the transaction expected to involve a mix of cash and equity.
The potential acquisition could help MakeMyTrip expand its presence in urban mobility and strengthen its corporate commute offerings. redBus already operates rPool, a carpooling platform that connects verified working professionals travelling along similar routes and allows them to offer or find rides for daily commutes.
“Acquiring Quick Ride would help MakeMyTrip expand its presence in the carpooling segment and strengthen its commuter network,” said another source who also wished not to be named.
The timeline for the deal’s completion could not be ascertained, and the terms of the transaction may change as discussions progress.
Founded in 2015 by KNM Rao, Bengaluru based Quick Ride connects commuters travelling along similar routes for car and bike pooling. The platform also caters to corporate employees and offers daily office commute solutions.
Quick Ride has raised funding from Sequoia Capital India (now Peak XV), Naspers, now part of Prosus, and Venture Highway. In 2019, the company raised Rs 100.78 crore ($14.4 million) in its Series B round from these existing investors, according to an earlier report by Inc42. It had also raised an undisclosed amount in its Series A round from the same investors.
Quick Ride’s shareholding pattern has changed significantly over the years. Naspers held a 20.81% stake in the company in 2020, while Venture Highway held 6.50%. According to regulatory filings reviewed by Entrackr, Naspers’ stake now stands at around 0.10%, while Venture Highway no longer appears as a significant shareholder.
The timing and nature of these stake reductions remain unclear. It could not be ascertained whether they were part of secondary transactions or other changes in the company’s shareholding structure.
MakeMyTrip declined to comment on the proposed acquisition, while queries and multiple follow ups sent to Quick Ride’s founder did not elicit a response until the time of publication.
In February 2021, Entrackr exclusively reported that Sequoia Capital India had exited Quick Ride through a secondary transaction. The investor had backed the company in its Series A and Series B rounds. A source had told Entrackr at the time that Sequoia exited with 40% to 50% of its investment across the two rounds.
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