Matrix Partners-backed Ridlr acquired by Ola
Mumbai/Bengaluru/Delhi, April 3rd, 2018: Ola, India's leading and one of the world's largest ride-sharing companies today announced the acquisition of Mumbai-based Ridlr, an end-to-end public transport ticketing and commuting app. The acquisition marked a full exit for Matrix Partners India which had invested in the Series A and Series B rounds of financing for Ridlr.
Established in 2012, Ridlr enables users to plan their travel by searching for and booking their preferred mode of public transport on their mobile phones. An industry-first platform, Ridlr's IoT devices add a layer of digitisation to public transportation modes in India. Combining Ridlr's experience in mass transit with Ola's urban mobility solutions will enable creation of a one-stop mobility platform for users at scale. With this acquisition, Ola will power expansion efforts to more cities and invest in technology, to enhance end customer experience, as well as continue its efforts to integrate with and complement existing public transportation.
Bhavish Aggarwal, Co-Founder and CEO of Ola said, "Public transportation serves millions of Indians every day, and powering these needs with real-time information, mobile ticketing, cashless payments, and reliable services is bound to impact their end experience. The challenge really is to make the entire ecosystem inclusive and robust for all. Ridlr, in a short span has made huge strides in this space, and this latest acquisition lends muscle to our efforts in making transportation a far more holistic service. I am delighted to welcome the Ridlr team on board and join our mission of building mobility for a billion people.'
"Matrix demonstrated early confidence in us and since then it has been a great association. For first generation entrepreneurs like me, they have played a crucial role in our success. The digital technology-driven services of Ridlr and Ola are a perfect synergistic fit. We offer end-to-end mass transit solutions, making a user's daily commute seamless across different modes of public transportation. We are delighted to become part of an evolved ecosystem at Ola to build an affordable one-stop destination for any urban commuter.' Commented, Brijraj Vaghani, Founder, Ridlr.
"It's been a privilege to partner with Brij and the Ridlr team. Their public transport platform, mobile and IoT led, is a unique solution to a very tough real world problem. Godspeed to the Ola-Ridlr partnership and we wish them success on an ambitious vision for an integrated transport system.' Said, Vikram Vaidyanathan, Managing Director, Matrix India.
About Ola:
Founded in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola is one of the world's largest ride-sharing companies. Ola integrates city transportation for customers and driver-partners onto a mobile technology platform ensuring convenient, transparent, and quick service fulfilment. Ola is focused on leveraging the best of technology and building innovative solutions ground-up, that are relevant at global scale. Notably, in 2016, Ola Play the world's first connected car platform for ride-sharing was launched, transforming commuting experiences and setting the tone for global innovation in this space. Beyond offering a highly personal experience for users during their rides, Ola Play also allows its partners like Microsoft, Apple Music, Sony Liv amongst others, to build a high quality interactive and productive experience for its users. Using the Ola mobile app, users across 110+ cities, can connect with over 1,000,000 driver-partners across cabs, auto-rickshaws, and taxis. Driven by a hyperlocal approach, Ola is committed to its mission of building mobility for a billion people.
About Ridlr:
Ridlr is an end-to-end public transport ticketing and commuting app that fulfils a commuter's daily intra-city travel needs. It has been enabling users to plan their travel by searching for and booking their preferred mode of public transport, offering unique pay-and-commute solutions for multimodal transportation. Established in Mumbai in 2012, Ridlr is the first company in the country to provide real-time traffic information for Indian cities using home-grown technology and one of the first companies globally to enable mobile ticketing services for the metro rail. Its vision and mission has been simple: to bring a seamless and digital experience into the mass transit system in the country and make public transport in India as smooth as it is in many Western nations.
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 4,500 crore under management. The firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix India has invested in several market leading companies such as Ola (local transportation), Quikr (online classifieds), Practo (digital health platform), Dailyhunt (mobile local language platform), Belong (recruitment platform), Treebo (digital hotel chain), Mswipe (mobile POS), Five Star Finance (SME lending), Razorpay (payments), and OfBusiness (credit led B2B marketplace), among others.Matrix Partners has a global network of funds investing in the US, China and India with US $4 billion under management. Further information is available at www.matrixpartners.in
