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Sunday, July 12, 2020
Home Automotive Zoomcar secured $1.98 M funding

Zoomcar secured $1.98 M funding

Zoomcar, which is a Bangalore based self-driving car rental platform, has now secured funding of INR 14.14 crore from its US-based parent entity, Zoomcar Inc, according to the report which has been revealed.

According to the report revealed, the Zoomcar India Private Limited issued a 28484 equity shares of INR 10eaach, at a premium of INR 4956 per share.

Since the January 2019, Zoomcar has secured INR 70 core, in both the debt and equity funding, from the various entities which include the Mahindra, Mahaveer Dwellers, BlackSoil Capital, Trifecta, and some others.

The company which is founded by Greg Moran and David Back in the year 2013, the startup is a self-drive rental company. In the month of January 2018, Zoomcar claimed that is had turned the EBITDA- profitable in December 2017.

Last month the company revealed a partnership with the travel and ticketing portal ixigo which has even enabled it to provide its rental services with the ixigo platform.

Shared mobility startup as of now has been gaining lots of traction into the market, at a time when the country millennials have been preferring to use these services without worrying about the vehicle EMI’s and loans. Zoomcar and Driverzy are even tapping these young customers who are fond of the sharing economy and prefer an asset-light lifestyle.

Seeing the vast potential, even ride-hailing service platform Ola Cabs has even forayed into the self-driven car rental business. As of now, the homegrown can aggregator obtained a license to launch a self-drive car rental service from the Karnataka State Transport Department.

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Udit Agarwalhttp://vyapaarJagat.com
Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to vyapaarjagat. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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