Companies

Zoomcar raises $30 million as part of its $100-million ongoing Series D fund-raise plans

Our Bureau Bengaluru | Updated on January 21, 2020 Published on January 21, 2020

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Self-drive mobility platform Zoomcar, secured an investment of $30 million as part of its $100-million ongoing Series D fund-raise led by existing and new global investors, including Sony Innovation Fund by IGV.

A strong advocate of enabling technologies, Sony Innovation Fund by IGV foresees mobility becoming a focal point for innovation and new services in the coming decade. Zoomcar has already raised $100 million before this round.

Zoomcar plans to deploy the investment into growth, technology and data science with a strong focus on enhancing an industry-leading IoT layout, in addition to its shared subscription service.

The start-up is eyeing deeper penetration in the Indian market. Its primary target is to have over one lakh vehicles on the roads in 18-24 months and to continue to empower its customers with better mobility alternatives at scale.

Subscription-based car ownership is becoming an increasing trend around the world. Zoomcar hit 15,000 in car-subscription run-rate through its shared mobility platform in Q3 (Oct-Dec) last year. With its wide range of tie-ups with multiple automobile players, including Nissan, Toyota, Volkswagen and Renault, the start-up claims that it is the third-largest automobile player in India in terms of volumes moved, next to Maruti Suzuki and Hyundai Motor India, in Q3.

Zoomcar has also recently launched India’s first vehicle-model-agnostic Driver Score feature for the passenger car segment. The Artificial Intelligence-powered algorithm with Machine Learning (ML) capabilities tracks the mechanical specs of the car being driven, driving style of the customer and identifies critical events of driving and rates it on a scale of 0-100.

With the introduction of car sharing services in 2013, Zoomcar leads in the self-drive space with over 10,000 cars in its fleet. With a strong focus on the mobile experience, Zoomcar allows users to rent cars by the hour, day, week, or month.

Headquartered in Bengaluru, Zoomcar has over 250 people and operates in 45 plus cities across India. In 2018, Zoomcar introduced India’s first peer2peer-based marketplace for cars with the launch of its shared subscription mobility model and currently commands over 90 per cent market share in this space.

Published on January 21, 2020
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