Self-drive car rental company Zoomcar has recently raised INR 41 Crore from its umbrella company Zoomcar Inc. Before this, Zoomcar Inc had also invested INR 8.27crore in January and INR 5.27 Crore in February 2021.
With these rounds of investment, the total capital infusion in the company is now INR 54.5 Crore in 2021.
According to Zoomcar’s regulatory filings with the Ministry of Corporate Affairs, the car rental company has allocated 82,566 equity shares to its parent company Zoomcar Inc, at INR 4,967/share on the right issue basis to eventually raise INR 41,01,05,322. These shares have been allotted to Zoomcar Inc on April 28, 2021.
Zoomcar’s earlier regulatory filings unveiled that it was looking to raise INR 36.59 Cr and had offered to issue Series P2 Preference Shares to select investors, against the conversion of their Optionally Convertible Debentures (OCDs). The Series P2 shares will be allotted at a face value of INR 10 ($ 0.14) per share and a premium of INR 2,431 per share.
Established by Greg Moran and David Back in 2012, the Bengaluru-based firm has so far raised $193.6 Million from 35 investors in 18 rounds of funding.
According to Crunchbase, Zoomcar’s last round of funding was on February 8, 2021, where it raised $39.8 Million. The company had also raised $30 Million from Sony Innovation Fund in January 2020, for its Series D round.
Zoomcar has also recorded a revenue of INR 294.6 Cr in the fiscal year 2020, a rise of 10% from last year’s INR 266.6 Cr.
Since its launch, Zoomcar has not only transformed but has also emerged as a leader in the car rental space in India. The company has come a long way and will only be going up from here. My best wishes with the entire team of Zoomcar.Shishir Gupta, Founder and CEO, StartupLanes
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