rideIT, a Hyderabad, India-based tech transport startup, raised $110k in funding.
The company, which was backed by an unnamed investor, intends to use the funds to expand operations.
Led by CEO Rahul Jacob and CTO Genoveva Galarza, rideIT is a ride-sharing service that facilitates sharing of rides in private and commercial vehicles. The service works as an inter-company service exclusively for working professionals, which verifies the employer of each user to ensure security in carpool.
Employees with cars or bikes can offer lift and others can take lifts from colleagues travelling in the same route.
Incubated by Unltd Hyderabad, rideIT is today a corporate carpool community of over 12,900 registered users from over 70 companies. The platform is now facilitating an average of 45 new carpools a day (on weekdays) in Hyderabad.
The company currently has a team of 6.