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Mahindra Partners, the $900-million private equity division of the Mahindra Group, on Wednesday announced that it has closed a new round of financing in Scoot Networks, an urban mobility solutions provider based in San Francisco, California, joining other prior investors, including Vision Ridge Capital.
This financing round closes simultaneously with Scoot’s significant network expansion supported by a brand new fleet of 500 Mahindra GenZe electric scooters.
Anand Mahindra, Chairman, Mahindra Group, said: “We are excited to partner with the terrific team at Scoot Networks to provide a sustainable solution to the growing challenges associated with urban commuting — parking, congestion, and pollution. The GenZe 2.0 is designed to intelligently address these challenges by offering relevant and affordable technology.”
Zhooben Bhiwandiwala, Managing Partner, Mahindra Partners, said: “This exciting venture represents Mahindra Partners’ first significant investment in the US and we are optimistic that the team at Scoot Networks will suitably expand and develop this unique sharing model into a globally successful concept.”
“We are proving that electric transportation can be both affordable and profitable,” said Scoot founder and CEO Michael Keating. “We now have the vehicles and resources we need to scale the business, thanks to our partnership with Mahindra and the ongoing support of our earlier investors.”
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