Zoomcar, an India-based carsharing service, has raised another $25 million in a Series C round of funding, according to a report by Tech Story. Among the investors, Ford Motor Co. led in funding during this current round. This investment has increased Ford’s total equity investment to $46.5 million, says the report.
Self-drive car rental startup Zoomcar, which last year had raised $11million from various investors such as Nokia Growth Partners and Sequoia Capital, has pivoted to a marketplace model as part of a broader strategy to drive efficiencies in its business, as it aims to hit profitability by next year, expand into new markets and raise a fresh round of funding over the next 2-3 months.
Self-drive car rental company Zoomcar has been steadily making in-roads in India with its fleet of self-drive cars. The startup does over 1200 rides every day, has over 150,000 users, traveled over 20 million kms and visited over 26,000 destinations.
Zoomcar is one of the most popular self-drive car rental company and until now it was renting our cars for users to drive on their own. In a new service launched last week, Zoomcar will now allow its users to lease their own cars on the platform.
Taking the ‘economical’ factor a bit further, Zoomcar has added auto-rickshaws to its self-driving fleet. The self-drive rickshaw service has been launched as a pilot project across six Indian cities except Chandigarh.
Sequoia Capital-funded self-drive rental car agency Zoomcar has been trying to make inroads into the Indian market and is making firm moves so that it can come out on top.
Self-drive car rental company, Zoomcar is on an expansion drive and now the company will provide its service to the customers in 11 cities across India.
Zoomcar, a self-drive car renting company, today launched doorstep services for its customers across in major cities such as Delhi, Mumbai and Hyderabad. Besides, customers of Bengaluru, Chennai, Pune and Chandigarh would also get a car for use delivered by company's officials and members of the corporate team, Zoomcar said in a statement.
Zoomcar, a self-drive car rental company, has given out all its cars for this weekend. The duration of the holiday ranges from three to five days. Greg Morgan, CEO, Zoomcar, says, “Hills and beaches are popular. Goa and Kerala are the most popular destinations this year.”
Founded in 2013 and headquartered in Bengaluru, Zoomcar, which holds the distinction of being the country’s first self-drive car rental company, disrupted the market with its service. The idea was derived from the concept of sharing economy. Based on the Zipcar business model, the startup was introduced in India by Greg Moran and David Back. Since the launch in 2013 with just seven cars, Zoomcar has expanded its fleet to 1,800 with price range varying between Rs 95 per hour to Rs 250 per hour.
Bangalore-based self-car rental service Zoomcar, which recently raised $11 million in fresh funding from NGP Advisors India, Sequoia Capital and Empire Angels, is looking to expand its car fleet to 50,000 in the next 3-4 years from 1,600 at present.
Zoomcar, a Bangalore-based self-drive car rental platform, has picked up $11 million in fresh funding from Sequoia Capital, Empire Angels, and NGP.
Zoomcar, a Bengaluru-based self-drive car rental company which launched its operations in Chennai on Monday, is looking at tripling its fleet of cars in the country from 1,000 to 3,000.
The “Zipcar of India” was again named one of the most exciting startups in India by The Economic Times, India’s top business and finance newspaper.
Zoomcar, based in Bangalore, has attracted U.S. investors, including venture capital firm Sequoia Capital, which led an $8 million investment round in October, and former U.S. Treasury Secretary Lawrence Summers.
Sequoia Capital has invested $8 million in Zoomcar, an Indian vehicle-rental startup, along with other investors. While small in value, the deal is the latest sign of investors’ growing appetite for startups focused on urban transportation needs, including online taxi booking, in emerging markets.
Zoomcar, an India-based car-sharing company, has expanded its services to a second city in India. Now operating in Pune, it has four locations within the city. Vehicles include the Ford Figo, Ford Ecosport, Honda City, Mahindra Scorpio, Mahindra XUV 500, Tata Safari, and a Mercedes A Class, says the company.
Zoom launched in February 2013 and is expected to grow quickly this year. Zoom has raised a $1.6M seed round led by Empire Angels and FundersClub. Other personal investors include Larry Summers, Lady Barbara Judge, professors from Wharton, Harvard Law School, and the Judge School of Business at Cambridge University.
Bangalore-based Zoom, a membership-based car rental service which made waves a few months ago after picking up former U.S Treasury Secretary Larry Summers as a financial backer, has closed its seed round of capital.
Self-drive car rental company ZoomCar has raised around $1 million in fresh funding led by New York-based angel investor group Empire Angels taking the total seed round to over $1.6 million.
Bangalore-based ZoomCar India, which runs a membership-based, self-drive car rental service Zoom, has secured more than $1.6 million in a seed round of funding, led by New York-based Empire Angels with participation of existing investors to scale up its fleet as well as develop technology.
Bangalore-based self-drive car rental venture ZoomCar India, founded in 2012, has announced the close of its seed round of funding. The investment was led by New York-based Empire Angels.
The Bangalore-based company - which began operations in February this year - has already raised $650,000 in capital from a clutch of marquee investors across the globe and has clocked 800 bookings in a little over 20 weeks..."Probably over 1,000 people told us there is no demand for such a venture since rental cabs are mainstays on the road. But we've have had to turn down reservations, roughly four reservations per car over weekends, for every single weekend for about 25 weeks in a row as demand exceeded supply. This proved our point," say the duo.
Larry Summers, a leading candidate to be the next Federal Reserve chairman, has an eye on the streets of India. On May 31, he invested $30,000 in ZoomCar India Pvt. Ltd., a vehicle rental startup in Bangalore. The company is styled like Zipcar, which Avis Budget Group Inc. acquired in January, with vehicles rentals available for as little as an hour.
London based market intelligence firm Euromonitor has pegged the Indian car hire market at about USD 3 billion currently with a growth rate of 14 percent just last year. Self-drive was the fastest growing segment which prompted the duo of Greg Moran and David Back, graduates from the University of Pennsylvania to start-up
By the numbers, the company could potentially reap impressive rewards by catering to urbanites in Delhi and Mumbai—cities that are each expected to reach about 24 million in population by 2020. In fact, ZoomCar could, if it grows fast enough and markets cleverly enough, carve an impressive slice of the self-serve car rental space in a country where 300 million live in metropolitan regions.
Greg has dedicated his entire career to sustainable development across the globe. His primary focal areas within the sector included solar power, wind power, and energy storage. Greg previously held positions in investment banking, private equity, corporate business development, and energy policy formulation with Fieldstone Private Capital Group, Cerberus Capital, International Power, and the City of New York respectively. Prior to co-founding Zoom with David, Greg studied at USC's Marshall School of Business, where he was the Founder and President of the USC Energy Club, Southern California's largest such club. Greg is also a graduate of the University of Pennsylvania, where he holds a degree in International Relations.
15 years in technology; most recently led search efforts for Flipkart
Paritosh has a significant track record in capital raising, sales, partnerships, strategy, M&A, investments and an entrepreneurial experience in the education industry. Prior to joining Zoom, Paritosh helped build the Nui Phao tungsten poly-metallic mine in Vietnam from a greenfield mine to an operating project valued at $1 billion as the CFO of Masan Resources. Paritosh assumed various responsibilities beyond the traditional CFO role to ensure that the project was successful. He also has work experience at Nomura and Lehman Brothers. Paritosh is a IIT Bombay and IIM Bangalore graduate, specializing in Chemical engineering and also holds international experience as a student (Germany, Spain, USA) as well as a professional (Vietnam).
David co-founded Zoom with Greg in 2010. As of May 2015, David has stepped down from an operating role but remains on the board. Prior to Zoom, David was a teaching fellow for Larry Summers at Harvard University, as well as a consultant at McKinsey. David received his JD from Harvard Law School, MBA from Cambridge University, and undergraduate degree University of Pennsylvania.