Zoomcar is a self-drive car rental company that allows users to rent cars by the hour, day, week or month
Zoomcar, a leading online rental company offering car sharing services in India, has expanded its Series B round of funding with an undisclosed sum from Chinese VC firm Cyber Carrier CL.
The latest infusion comes four months after the Bangalore-headquartered startup secured US$24 million led by Ford Smart Mobility, with participation from existing investors Sequoia Capital, Empire Angels, OurCrowd, and Nokia Growth Partners.
“Customer experience and IoT-enabled product innovation will remain our highest priorities as we scale ZAP across India in the months ahead, and our relationship with Cyber Carrier CL will no doubt help us create a world leading marketplace experience for both our renters and associate owners,” said Greg Moran, Co-founder and CEO of Zoomcar.
ZAP is a new programme that enables individuals to purchase vehicles on behalf of Zoomcar, list the vehicle on a dynamic basis on its platform, and then finally share the profit on a monthly basis.
Zoomcar was founded in 2013 by Greg Moran and David Back (both US citizens). Back quit the company last year. It is a self-drive car rental company that allows users to rent cars by the hour, day, week or month. Zoomcar offers a wide variety of cars for self-drive, ranging from hatchbacks to SUVs to luxury vehicles.
Its fleet, which is currently clocking nearly 2,500 cars, includes Ford, Maruti, Mahindra, Hyundai, Honda, Audi, Mercedes, and Toyota.
The firm claims to have doubled bookings in the past year with over 75 per cent occupancy and two million app downloads. It has presence across 14 cities in India.
Jessica Wong, Managing Partner of Cyber Carrier, said: “Our investment team is quite familiar with similar models in China and the US. Based on the company’s data and financial model, we believe Zoomcar will ‘accelerate’ on the path of rapid growth and expansion.”
Cyber Carrier is a Hong Kong-based VC fund targeting India’s internet/mobile internet market. Since the beginning of 2016, it has made nearly 10 investments, including online lending platform IndiaLends and student loans platform Krazybee.
Image Credit: Zoomcar
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