NEW YORK, March 24, 2021 /PRNewswire/ -- Rally and OurBus announced today that they have entered into a combination merger through an acquisition transaction creating the leading technology company for mass mobility in the United States. Until now, each has disrupted a segment of the private bus industry, with Rally focusing on arranging event charters and OurBus on scheduled intercity travel. Each did so with the same ethos of improving the bus rider experience while increasing revenue to bus operators.
OurBus has improved regional travel for millions of riders by creating an experience that people actually like. Available in 100+ US locations, they have changed consumer expectations for intercity bus travel, as reflected in their 4.4/5-star rating with over 8,000 reviews.
Rally has created the platform and demand for thousands of bus trips across 40 states and provinces with its "bus rideshare". Their app aggregates like-minded individuals going to events both small and large, from weddings and corporate outings to arena sports and music festivals. The technology crowdsources bus stops and crowdfunds buses to create on-demand trips.
The company provides a single technology platform affecting the private bus industry's 700M annual passenger trips. They empower the 3,000+ small businesses that comprise the US private bus industry. The typical bus company owns about 10 buses in their fleet, indicating a highly fragmented market. The industry's buses are only 50% utilized in aggregate. By generating new demand for buses with use-case innovations, Rally and OurBus convert billions of dollars spent on cars to shared buses. By doing so, they unlock the value of the industry's idle vehicle capacity, which is a lost opportunity of $5B annually in the US and $35B globally.
The companies have established new consumer brands in busing built for the sharing economy. The consumer-facing Rally and OurBus products will continue to run separately, supported by a more efficient, combined bus operator network, to whom they offer a fully operational SaaS infrastructure.
The companies have raised $10M in financing from financial and strategic investors, including Daimler AG, one of the largest commercial vehicle manufacturers in the world and a leader in e-mobility and autonomous technology for buses. Additional strategic investors, such as Liil Ventures and numerous bus operators, contribute both capital and industry intelligence from a global perspective. Nico Rosberg, world champion F1 driver, is an early investor. Senior executives from Uber, Meetup, BoltBus, and WeWork have recently joined the advisory board.
Having efficiently utilized this capital to develop a managed marketplace for buses, the companies come together to accelerate the disruption of the bus industry. This acquisition will facilitate the launching of new high-quality bus transportation for regional travelers and event-goers alike, first in North America and then globally.
"We believe movement is essential to human nature. We've created the systems that will change the way people move together", said Numaan Akram, founder of Rally, of their collective vision. Narinder Singh, founder of OurBus, added, "Travel is set to boom from pent up demand. We are fueling the private bus industry to be the future of mass mobility".
The companies capture market share by meeting or surpassing the modern consumer's expectations of easy online booking, customer-centric policies, high quality operators, and a technology-oriented approach to the entire customer journey. The companies' mass mobility as a service paves the way for exponential growth in the mass mobility sector, echoing the ways in which personal mobility options exploded in the past decade. And while the disruption of the taxi industry was destructive, the companies will share the road with a vibrant and community-minded network of local bus operators.
OurBus is the leading managed marketplace for regional travel in the United States. Founded in 2016, OurBus has developed a network of intercity and commuter bus services that connect 100+ cities and towns across the US. With their customer-first approach they have taken on the legacy incumbent bus companies and grown the intercity transportation market. Search schedules and buy tickets at ourbus.com or the OurBus app. OurBus does not own or operate any buses, and employ no drivers or mechanics.
Rally is the creator of bus rideshare, bringing the benefits of charter bus travel to individuals. Partnering with the NFL teams, NASCAR tracks, and dozens of music festivals, they have extended the event experience through the travel time. Since 2015, their technology has changed the way bus trips are created by casual event organizers and experienced tour operators alike. Find and create trips at rally.co. Rally does not own or operate any buses, and employ no drivers or mechanics.
SOURCE Rally OurBus