360Ride, a P2P free ride sharing platform has announced it raising $150K in seed funding from a Delhi-based investor (HNI).
Founded in 2015 by Lokesh Bevara and Varaprasad Moida, the startup 360Ride is a free ride-sharing platform that caters to urban travelers by allowing ride-sharing in both, two wheeler and four wheelers. It provides both intercity and intracity ridesharing services and is available in Bangalore, Delhi, Gurgoan and Noida. The Bengaluru-based startup claims to be serving around 50 rides per day constituting a total of 3000 rides which accounts for 45% of repeated customers.
With the fresh funds, 360Ride is planning to expand its marketing and promotional campaign and create awareness about 360Ride to solve major problem of demand and supply in ride sharing segment. Bevara, CEO and co-founder of 360Ride said, “We are very happy to be backed by an investor who understand the industry really well and whose interest are aligned with ours. We are bound with the vision of providing an easy ridesharing platform that can offer an low cost, P2P powered transporation systems and provide a convenient and hassle-free commute for everyone.
Regarding the investment, the investor said, “When Lokesh was pitching the idea we were thrilled with his vision of making ride sharing main stream transportation in India. We see a huge potential in this segment and are excited to be associated with 36Ride. We believe that 360Ride is going to change the way how ride sharing is done in India”.
The ride sharing can be done through the 360Ride app available on Android. Till date, the app is having 11,000 downloads so far and the company has 45% of its customers are repeated users.