What Is Ridecell?
Ridecell is a digital transformation platform that focuses on fleets, transportation, and logistics companies. The company was founded in 2009 by Aarjav Trivedi and ArunKumar Elangovan as a demand-response mobility service. Ridecell now provides major companies with data insight and workflow automation in order to better automate and digitize the services of these businesses. More importantly is the power of Ridecell’s digital platform and its ability to seamlessly integrate fleet vendors, carshare, and rideshare companies. The Ridecell platform allows for businesses to use the company’s APIs, SDK, Real-Time Data Platform, and partner pre-integrated solutions. The pre-integrated solutions being partnered allows for better fleet data management and an automated workflow. Due to the increase in demand for both car rentals, fleet, and safe rideshare because of the COVID-19 pandemic, demand has equally increased for features such as contactless booking as well as entry and drop off solutions. As a result, Ridecell has seen incredible growth.
In fact, throughout 2020, Ridecell has been employed and used by companies such as Penske, Toyota Sweden, Renault, and AAA. As of this year as well, Ridecell has seven different service models that span the entire field they cover. The company is responsible for 25 million rides in cities worldwide and has over 20 major customers, including original equipment manufacturers (OEMs) and universities. These numbers represent the continuous growing trajectory of Ridecell, especially in 2020.
More so than simply the company’s strong growth and client base, or even the effectiveness of the digital platform, Ridecell has also attracted the attention of several investors leading to a very strong funding round.
Ridecell’s Latest Funding and Plans for the Future
In Ridecell’s Series C funding round, the company raised an incredible $45 million. This most recent funding round was led by Fort Ross Ventures, with participation from Solasta Ventures, Activate Capital, DENSO, LG Technology Ventures, and Initialized Capital. Both Fort Ross Ventures and Solasta Ventures were both new investors, only beginning with this round, while the other major participants had previously invested in Ridecell.
In reference to the recent funding, Ridecell CEO and co-founder Aarjav Trivaldi was quoted saying, “We are delighted to continue this momentum and welcome our Series C investors to our team, because we offer the first technological platform to mobility companies and fleet operators in a post-pandemic era.” Ridecell has not released specified plans with what the company will do with the newly raised funds, however, there are broad ideas that will be invested in. These goals include obviously expanding the company’s international reach in the pursuit of growth, the ability to support larger customers, and provide further improvements in the core automation and digitization technology being used on the company’s platform. Considering the solid foundation already created by Ridecell and the increased demand this year, the company has a clear path toward success.
Ridecell has an extremely timely product that has the potential for long-term sustainability, given the nature of progress in the mobility industry. Along with this, that product has attracted not only very impressive clients but extremely lucrative funding. Given the major funding Ridecell has raised in their most recent round, it appears that the company will be able to continue to improve upon itself, its products, and eventually, prove that it is capable of handling major fleet, rideshare, and carshare businesses at the highest level.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.