The Indian Wire » Startups » Car rental service startup Zoomcar raises $4.8 million from US-based parent firm
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Car rental service startup Zoomcar raises $4.8 million from US-based parent firm

Car rental service startup Zoomcar raises $4.8 million from US-based parent firm

Zoomcar, a car rental service platform, has secured $4.8 million (approx INR 34 crore) from its US-based parent company Zoomcar Inc, reported Inc42.

As per the sources, Zoomcar Inc bought 70,402 equity shares of Zoomcar for INR 34,96,16,334 ($4.8 Mn) at a premium amount of INR 4,956 on November 8, 2019.

In addition, Zoomcar allotted 720 unsecured optionally convertible debentures of INR 10K each to Virwani for INR (INR 975 K).

Zoomcar’s cofounder and CEO Greg Moran said that the company was looking to raise $500 million.

Zoomcar was founded by Greg Moran and David Back in 2013 in Bengaluru. It offers self-driving rentals as well as car subscription.

The company claims to have a 70% market share with over 7,000 cars, catering to over 2000 rides every day. By the end of 2019, it aims to have 20,000 cars.

Whereas, in FY18, it reported a revenue of ₹158 crore, which is 32 per cent higher than the ₹120 crore it reported in FY17.

According to Zoomcar’s website, the company serves over three thousand customers every day and has over 48 lakh subscribers and has 6.5 thousand cars on board.

Some of the other significant car rental service startups in India includes Ola CabsMyles Cars,DrivezyRevMiCarCarzonrentselfdrive.involer, etc.

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