Bangalore based self-drive car rental company Zoomcar, has raised funding of $11M led by from Sequoia Capital, Empire Angels and NGP.
The funds will be primarily used to add new vehicles into the inventory and hire more talents along with enhancing the technology and product infrastructure.
Regarding the funding round, Greg Moran, Co-founder and CEO, Zoomcar said, “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 6 cities (Bangalore, Mumbai, Delhi, Pune, Chennai, and Hyderabad). 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.”
“Over the next year, the company expects to add more than 7,000 cars and spread across 15 more cities,” he added.
Founded by Greg Moran and David Back in 2012, ZoomCar allows individuals across 6 cities to rent cars starting from economical to luxurious y hour, week and even monthly basis. The service is based on a hyper-local distribution model that locates vehicles in close proximity to where people live or work.
ZoomCar raised $8M in series A round from Sequoia Capital India, former Infosys CFO Mohandas Pai and Manipal Group’s head of corporate affairs Abhay Jain, in October last year.
