Self-driving car rental startup Zoomcar has raised $40Mn in its series C funding led by Mahindra & Mahindra. Existing investors were also a part of the funding round.
With the fresh funds, Zoomcar plans to accelerate its marketplace supply growth, improving its lead within applied IoT technologies, and expanding into additional mobility categories across India, according to a statement.
Zoomcar was founded in 2012 by Greg Moran and David Back. David Back left the company in May 2015. It claims to have witnessed robust growth with its ZAP marketplace in 2017 as these vehicles now account for over 25% of its 3,000 + total fleet.
Greg Moran, founder of Zoomcar said, “Our collaboration with Mahindra dates back to 2013, when we first kicked off in Bengaluru. Most importantly, Mahindra shares Zoomcar’s vision for multi-modal urban mobility and we look forward to leveraging their diverse platform to help accelerate the transformation to a shared, electric mobility future for India.”
Zoomcar recently launched ZAP Subscribe, a monthly subscription-based programme for cars. In October 2017, it launched PEDL, India’s first dockless cycle sharing service. The service currently operates across 10 cities with a fleet of more than 3,000 cycles.
Zoomcar also has a partnership with Mahindra and is looking to launch electric cabs in Agra, Dehradun and Chandigarh. The company is currently running a pilot in Mysore, according to a third person familiar with the matter.