Home / Enterprise / Zoomcar Raises $25 Mn From Ford Motors, Sequoia & Reliance Ventures
Zoomcar-funding

Zoomcar Raises $25 Mn From Ford Motors, Sequoia & Reliance Ventures

 

Founder :-  David Back and Greg Moran

Year :- 2013

Zoomcar  a Bengaluru-based company is a self-drive car rental company.

The company operates a fleet of 6000 vehicle as of in December 2015 . in 9 cities across the country  including Bangalore, New Delhi, Gurgaon, Mumbai, Hyderabad, Chennai, Pune and Chandigarh . Zoomcar currently has over 1,500 cars on the road and sees occupancy of over 75 per cent. The company operates on a similar model to airport rentals in the US where parking lots are set up outside airports, customers fill forms and drive away to their destination. They are charged on a round trip basis or point-to-point. In India, Zoomcar allows just round trips but doesn’t set up just at airports.

Zoom partners with the auto manufacturers like Ford & Mahindra which allowed them to become the first car rental company in India to offer an electric vehicle (the Mahindra REVA E2O by Mahindra) and the Ford EcoSport “urban SUV by Ford” in 2013. Zoom also works with locally established real estate developers, universities, hotels, and corporate IT parks to secure parking for its vehicles and offer pick-up points to its members.

In February 2016, Greg Moran announced that Zoomcar would be raise a Series C round of US$50 million for expansion in major Indian metro cities.

  • Zoomcar is on the brink of closing a round which will see a capital influx of $25 million, sources close to the deal said. Ford Smart Mobility, Reliance Venture Asset Management and Sequia Capital will participate in the Series C round.
    The company will flush in $15 million with the remaining $10 million split between Sequoia and Reliance.
  • Zoomcar saw interest from Ford’s venture capital arm, which was set up in March this year. Ford, which primarily has investments in auto companies, had announced that it will also focus on supplementary businesses complementing to its core strength.

Recently in an Interview CEO Greg Moran said that

“  the focus was primarily on high-density areas such as airports, train stations, near colleges and in large residential neighbourhoods

Recently by the sources it is said Zoomcar  currently is on track to record a revenue of $25 million and is on the path to being profitable in several of its key markets.  It is close to being country-wide profitable in the next three months

Zoomcar-funding

Leave a Reply

Your email address will not be published. Required fields are marked *