Zoomcar Received INR 213 Crore
Zoomcar, an Indian car rental company, raised INR 213 Crore Series D funding in a round led by Sony Innovation Fund, the investment branch of Sony. This startup provides self-drive cars on rent for customers. Zoomcar plans to use this funding to expand their national operations ten times to almost one lakh vehicles. They also plan to develop their science and technology by focusing on research and development.
Zoomcar said, “With the growth of the shared economy across the globe, subscription-based car ownership is becoming an increasing trend.”
Zoomcar is an Indian startup founded in 2013 by David Back and Greg Moran. Presently, it operates in over 40 cities all over India. This startup allows customers to rent cars as per their convenience. The customers can book a car online or via their app and can connect to the nearest vehicle services for renting. They have an option to choose from over 10,000 vehicles that are a part of Zoomcar’s fleet. The price is calculated as per the distance traveled and is based on the pay-per-use model.
The founder of StartupLanes, Shishir Gupta, says: Zoomcar’s business model is extremely impressive because it provides self-drive cars to customers. This model makes Zoomcar very unique and unlike any other startup. The focus seems to be adding a personal touch to regular journeys and providing a sense of comfort to the customers. It is an excellent initiative and I am positive that it will use this funding to provide its services to many more people all over India. Congratulations to the Team.
Currently, there aren’t many Indian self-drive car rental startups. However, there are many scooter rental services such as Bounce, Yulu, Vogo and Drivezy.