Business NewsFunding

sRide Riding Towards Big Investments?

0
sRide advertisement

sRide advertisement; Picture: Shop Pirate

The corporate carpooling app, sRide, has had a great start to the year. Among other venture capital firms, Ola is in talks with the startup to invest. Ola is planning on investing approx. $4.2Mn in the startup for 26% stake in the company.


Bengaluru Founded in 2014 by Lakshna Chadha Jha and Nitin Chadha, sRide is a corporate carpooling app to help users share the cost of travel, reduce travel time and increase mobility.

It currently operates in densely populated cities like Delhi, Mumbai, Bengaluru etc. It has, since its inception, raised about $1Mn in angel funding.

Lakshna Chadha Jha, Founder & CEO, sRide

Lakshna Chadha Jha, Founder & CEO, sRide; Picture: Yo! Success

In the new year, sRide might have another transportation network giant investing in it. Ola is reportedly buying some stake in the startup. The bigger company is in talks of investing $4.2 Mn (30 Cr.) for 26% stake in the newer startup.

Ola has been actively securing funds and using them to expand these past few months. It is working on raising a $1 Bn Series J funding round. All these funds will go towards its expansion in various fields and newer locations.

Related Article: Ola Scooter-ing Its Way to Success

Ola recently invested in Vogo and a similar partnership might be looked forward to between Ola and sRide, as well.

Comments

Leave a reply

Your e-mail address will not be published. Required fields are marked *