Zoomcar receives $11 mn funding to fuel expansion plans
From the beginning of the year, our revenue has grown by more than 3x and bookings have increased in a similar fashion, said Greg Moran, Co-Founder and CEO, Zoomcar.
Zoomcar, a self-drive car rental company, raised an internally led round of $11 million from Sequoia, Empire Angels and NGP. The funding will help the company's expansion plans.
“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,” said Greg Moran, co-Founder and CEO, Zoomcar.
“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,” said Moran.
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. Its 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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