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

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.