Saturday, 23 March, 2019

Zoomcar gets Investment from Mahindra

Mahindra said the company has been keen to invest in the shared mobility space as part of its strategy to participate in sustainable mobility solutions Zoomcar gets Investment from Mahindra
Russell Knight | 17 February, 2018, 04:30

Under the aegis of the deal, Mahindra Group would invest up to Rs176 crore in Zoomcar India or Zoomcar Inc. which, when converted to common stock of Zoomcar Inc. on a fully diluted basis, would constitute approximately 16% stake in Zoomcar Inc., the company said in a statement. Its partnership with Zoomcar dates back to 2013, when the service was first launched in Bangalore.

"This investment in India's leading self-drive shared mobility company will enable the company to further its objective. of enabling improved livelihoods and lifestyles of people", it said. "We look forward to leveraging their diverse platform to help accelerate the transformation to a shared, electric mobility future for India", he added.

In 2017, the two companies announced a partnership to introduce EVs in the shared mobility sector.

M&M says it has been keen to invest in the shared mobility space as a part of its strategy to promote and participate in sustainable mobility solutions, including multi-modal urban mobility and also electric vehicles. PEDL now operates across 10 cities with a fleet of more than 3,000 cycles and completes almost 15,000 rides per day and partners with leading universities, IT parks, residential societies, Municipal Corporations, and Smart City groups.

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Auto rental startup Zoomcar is set to raise $50 million (Rs 318 crore) from. The round also saw participation from the other existing investors of the self-drive mobility platform. The company had launched bicycle sharing service, PEDL in October last year even as the five-year-old company aims to expand to several countries in Asia and Africa.

Recently Zoomcar introduced ZAP Subscribe, a monthly subscription based program for cars. The service completes almost 15,000 rides per day and partners with leading universities, IT parks, residential societies, Municipal Corporations, and Smart City groups.

In February 2018, Zoomcar inaugurated India's first vehicle subscription program under the ZAP umbrella.

Zoomcar was founded in 2012 by Greg Moran and David Back. Today the company offers its services in major metropolitan cites like Delhi, Mumbai, Pune Chennai and Hyderabad along with second tier cities like Agra, Nagpur, Kochi and Udaipur. Additionally, more than 500 Mahindra EVs are expected to be rolled out in more than 20 Indian cities in the first half of 2018. The Series C funding round from Mahindra will allow Zoomcar to double down on its strong community building efforts to ensure it maintains its high customer retention levels.

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