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.

FP Staff July 08, 2015 19:44:06 IST
Zoomcar receives $11 mn funding to fuel expansion plans

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.

Zoomcar receives 11 mn funding to fuel 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.

Updated Date:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

Unions oppose Centre's move to allow private sector banks in govt business, term it 'unfair'
Business

Unions oppose Centre's move to allow private sector banks in govt business, term it 'unfair'

The AIBEA said the move will make it more difficult for public sector banks to lend to weaker and priority sectors at concessional rates of interest

Narendra Modi defends push for privatisation, says govt has 'no business to be in business'
India

Narendra Modi defends push for privatisation, says govt has 'no business to be in business'

The prime minister made the remarks on Wednesday while speaking at a webinar on privatisation by the Department of Investment and Public Asset Management

Huawei to cut smartphone shipment by more than half in 2021: Report
News & Analysis

Huawei to cut smartphone shipment by more than half in 2021: Report

In 2021, Huawei reportedly plans to order components for 70-80 million devices for the whole year which is a 60 percent drop from 189 million units shipped last year.