Bangalore-based Zoomcar, a leading car-sharing company in India, recently announced the successful completion of its Series E financing round of $207 million. The round was led by T. Rowe Price, a global asset management firm, with participation from existing investors, including 92M Ventures. The investment brings Zoomcar’s total capital raised to more than $400 million and will be used to continue the company’s expansion into new markets.
Overview of Zoomcar
Zoomcar is a Bangalore-based car-sharing company that operates in India. Founded in 2013 by Greg Moran and David Back, the company is India’s first and largest car-sharing platform. Zoomcar offers hourly, daily, and monthly rentals of cars, SUVs, and electric vehicles. It has more than 500,000 customers and a fleet of over 7,000 vehicles.
Series E Financing Details
Zoomcar recently announced the successful completion of its Series E financing round of $207 million. The round was led by T. Rowe Price, a global asset management firm, with participation from existing investors, including 92M Ventures. The investment brings Zoomcar’s total capital raised to more than $400 million.
Zoomcar’s Expansion Plans
With the new funding, Zoomcar plans to expand its presence in India, as well as enter new markets. Zoomcar is looking to build its presence in cities across India, with a focus on tier 2 and 3 cities. Additionally, the company is looking to expand its electric vehicle fleet and develop its mobility-as-a-service capabilities.
Impact of Zoomcar’s Investment
The investment into Zoomcar is a positive sign for the Indian mobility market. Zoomcar’s expansion plans will create new jobs and opportunities, as well as increase the availability of car-sharing services across India. Additionally, the focus on electric vehicles will help reduce emissions and promote sustainability.
Conclusion
Zoomcar’s recent investment of $207 million is a major milestone for the company and the Indian mobility market. The investment will be used to expand Zoomcar’s presence in India and enter new markets, as well as focus on electric vehicle fleets and mobility-as-a-service capabilities. These efforts will create new jobs and opportunities, while promoting sustainability.
