Bengaluru-based start-up, 360Ride which offers a P2P powered free ride sharing platform for commuters, has raised 1 Cr in seed funding by a Delhi based High Net worth Individual(HNI). The start-up is planning to use the fund to expand its marketing and promotional campaign and create awareness about 360Ride to solve the major problem of demand and supply in ride sharing segment.
Launched in 2015 by Lokesh Bevara and Varaprasad Moida, 360Ride aims to create a strong pool of like-minded verified commuters by becoming an alternative mode of urban transportation.
Lokesh Bevara, CEO and Founder, 360Ride said “We are very happy to be backed by an investor who understands the industry really well and whose interest are aligned with ours. We are bound with the vision of providing an easy ride sharing platform that can offer a low cost, P2P powered transportation systems and provide a convenient and hassle free commute for everyone”.
“When Lokesh was pitching the idea we were thrilled with his vision of making ride sharing a main stream transportation in India. We see a huge potential in this segment and are excited to be associated with 360Ride. We believe that 360Ride is going to change the way how ride sharing is done in India.” said investor.
360Ride will also be competing with the likes of Blablacar and Tripda and recently launched carpool services from Ola and Uber.