News

Zoomcar aims to close $500 mn funding this quarter

Mirza Mohammed Ali Khan New Delhi | Updated on April 02, 2019 Published on April 02, 2019

Greg Moran, Founder and CEO, Zoomcar

Mobility platform Zoomcar is likely to raise funds worth $500 million in this quarter from existing and new investors.

Greg Moran, CEO, Zoomcar told BusinessLine. “This will be equity plus structured debt that will be totalled around $500 million. We will have a number of global financial partners joining this round.” He further added that the company is looking to close this funding round by May-June.

The company will use the investment to expand its operations across the country. It is also expected to use the funds to ramp up specific areas such as the company’s ZAP car subscription service and micro-mobility services.

According to Zoomcar, with over 2,000 subscriptions in the month of March 2019, ZAP Subscribe is twice as large as the largest car dealership in the country. Moran said that the company aims to grow this number by 10 times this year.

With regard to micro-mobility, Zoomcar aims to look at using all available options — electric bikes, electric scooters, and cars — to be a “one-stop shop” service provider, he added.

Published on April 02, 2019

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