Zoomcar reportedly in talks to raise ₹323 crore in next funding round

Zoomcar is reportedly in talks to raise around ₹323 crore from Mahindra & Mahindra and others to fund its expansion.

Zoomcar, the self-driving car rental service provider, is reportedly in talks with investors to raise around ₹323 crore ($50 million) in its new funding round. As per the report, the company is in talks with existing as well as new investors. The money will be used to fund the company’s expansion plans.

One person who is aware of the development related to this funding round, said to Mint that the funding talks have progressed furthest with Mahindra and Mahindra Ltd (M&M). He also added that there is interest from two other new investors also.

Another person aware of the matter said that the self-driving rental company also has a partnership with Mahindra. Under that partnership, it is looking to launch electric cabs in Agra, Dehradun and Chandigarh.

Zoomcar, which is based in Bengaluru, was founded in 2012 by Greg Moran and David Back. So far, the company has raised at least $45 million from Ford, Sequoia Capital, Empire Angels, Nokia Growth Partners and others.

The platform allows its users to book a car and make the payment. It also enables users to locate the vehicle and even unlock it with the help of a single app.

The startup has recently launched bicycle sharing service named Pedl. The tech-enabled bicycle sharing service is claimed by the company to be India’s first such offering. It provides service at a charge of ₹10 for 30 minutes.

Pedl service has been launched with about 500 bicycles across three cities – Bangalore, Chennai, and Kolkata. It plans to have bicycles at every 50 to 100 meters in the cities that it has established its presence. The company eventually plans on having at least 10,000 cycles on the road by the end of this year.