Mahindra & Mahindra funds Zoomcar for $40 million
Zoomcar is the first company in India to focus on car rental, in contrast to earlier companies in India that focused on chauffeur-driven rentals. Zoomcar was founded by David Back and Greg Moran in 2013 in Bangalore, India. Mahindra & Mahindra funds Zoomcar for $40 million
Posted 10 months ago in Regional News, updated 10 months ago.
Zoomcar is India's first self-drive rental service. Active since April 2012. In the latest equity funding, the company received $40 million of funding from Mahindra & Mahindra, an automotive giant. This was announced by Zoomcar today(Friday, 16 February).
A year back in August 2016, Zoomcar got a funding of 160 crore Rs($24 Million) in a deal led by Ford Smart Mobility. The company competes with the likes of Myles, Revv and many other self-driving services. Mahindra & Mahindra invested 176 crore Rs. for 16% stake in Zoomcar.
The investment by Mahindra & Mahindra can be deep as of an already existing relationship with Zoomcar. The two companies had announced a partnership earlier to accelerate electric vehicle (EV) adoption by launching E2o Plus vehicles in the name of Mahindra & Mahindra in Hyderabad and Mysore.
More updates will be added to the Zoomcar.