Self-drive car rental startup Zoomcar bags ₹14.14 cr from US-based parent entity

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Zoomcar, a self-drive car rental startup, has bagged ₹14.14 crore from its US-based parent entity, Zoomcar Inc.

According to sources, Zoomcar India Private Limited issued 28,484 equity shares of ₹10 each at a premium of ₹4,956 per share.

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.

Its expenses, which was at Rs 225 crore in FY17 rose to Rs 274 crore for FY18.

Furthermore, according to the reports, Shared mobility startups have been gaining traction in India, at a time when country’s millennials have been preferring to use these services without worrying about vehicle loans and EMIs.

Furthermore, other major car rental startups in India includes Ola CabsMyles Cars,DrivezyRevMiCarCarzonrentselfdrive.involer, etc.

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