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Self-drive car rental platform Zoomcar raises $11 mn funding from Sequoia, Empire Angels, NGP

Zoomcar, a
self-drive car rental company, raised an internally led round of $11
million from Sequoia, Empire Angels and NGP. The funding will fuel the
company’s expansion plans, reports First Post.

Zoomcar, a
self-drive car rental company, raised an internally led round of $11
million from Sequoia, Empire Angels and NGP. The funding will fuel the
company’s expansion plans, reports First Post.

“This round will allow us to continue our
rapid expansion across India both in terms of vehicles and new cities. We
currently have a fleet of more than 1,500 cars across 250 pickup locations and
six cities. Despite adding over 1,000 cars this year alone, we’re still
unable to meet the demand for our service with our current strength. From
the beginning of the year, our revenue has grown by more than 3x and bookings
have increased in a similar fashion,” Greg Moran, Co-Founder and CEO,
Zoomcar, told First Post. 

“Over the next
year, we expect to add more than 7,000 cars and we expect to launch in 15 more
cities pan India,” added Moran. We will use the funding primarily to add new
vehicles, continue hiring, and continue to build out the tech and product on
the back of successful recent product launches like our special Zoom Commute
package for office goers who are looking for an economic weekday self-drive
option,” Moran was quoted in the report as saying.

Zoomcar allows
users to rent cars by the hour, day, week, or month. Founded in 2013 and head
quartered in Bangalore, its services are presently spread across Bangalore,
Pune, Delhi NCR, Mumbai, Chennai and Hyderabad.

The company’s
vehicle catalogue offers a variety of cars for self-drive in India, ranging
from hatchbacks to SUVs to luxury sedans. The company’s fleet currently
clocking over 1500 cars including Ford Figo and Ecosport, Honda City and Amaze,
Mahindra Reva, Scorpio and XUV, Tata Nano and Safari, Maruti Ciaz,
BMW 3 Series, and the Mercedes A class, GLA, and CLA.

 

 

 

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