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Mahindra & Mahindra invests $40 million in Zoomcar

Bengaluru-based car rental platform Zoomcar secures $40 million funding from Mahindra and Mahindra to strengthen their partnership.
BY BEx Bureau
BusinessEx
Feb 19, 2018

Car rental platform Zoomcar which had announced a partnership with Mahindra and Mahindra a few months back for E2o launch on the platform has now raised the funding of $40 million (Rs.255.4 crore) in Series C round of funding. Other existing investors like Ford also took part in the funding round.

Greg Morgan, CEO and Co-founder of the platform said that the round is still open and there are chances that more investors may come.

He added, Mahindra shares Zoomcars vision for multi-modal urban mobility and we look forward to leveraging their diverse platform to help accelerate the transformation to a shared, electric mobility future for India.

Pawan Goenka, managing director, Mahindra Mahindra, said, At Mahindra, we are playing a pioneering role in the shared mobility business and are looking forward to an impetus in it through this investment in Zoomcar. We are confident that this partnership with Zoomcar will help further our vision to transform mobility in the country, thereby creating a more connected ecosystem.

Bengaluru-based self-drive car rental platform Zoomcar has previously raised funding of $24 million in Series C led by Ford in 2016.

The company stated in the statement that the funding round will lead to increase its subscribers more than 15000 by the end of this year.

The company also expects to dramatically increase its cycle count to meet the robust customer demand. Zoomcar envisions that its PEDL service will operate across more than 75 cities by year-end, the statement said.

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