[Funding alert] Zoomcar raises $30M as part of $100M Series D investment
Bengaluru-based vehicle rental platform Zoomcar has raised funding of $30 million as part of its larger $100 million Series D fund raise. The round saw participation from existing investors and new global investors. Sony Innovation Fund by IGV participated in this round of funding. The fund has a strong focus towards mobility.
With this fund raise Zoomcar plans to focus on technology, data science, and growth. The Zoomcar team has stated that it aims to increase its focus on the existing IoT layout and also focus on Zap, its shared subscription service. The startup added that it plans to deploy over 1,00,000 vehicles on the road within the next 18 to 24 months.
Zoomcar today operates in over 45 cities across the country. It has an over 15,000 car subscription run rate. The team has tie-ups with the likes of Volkswagen, Nissan, Renault, and Toyota.
Zoomcar recently launched India’s first vehicle model-agnostic 'Driver Score' feature for the passenger car segment. The AI-powered algorithm with machine learning capabilities tracks the mechanical specs of the car being driven, driving style of the customer, identifies critical events of driving, and rates it on a scale of 0-100.
In September last year, Zoomcar had Rs 14.14 crore ($1.98 million) infused from its US-based parent entity, Zoomcar Inc. Since January 2019, it has secured about Rs 70 crore – in both equity and debt - from various entities including its US-based parent, as well as Mahindra, Blacksoil Capital, Mahaveer Dwellers, Trifecta, and others.
Shared mobility startups have been gaining traction in India, at a time when the country’s millennials have been preferring to use these services without worrying about vehicle loans and EMIs that come with ownership. Zoomcar and Drivezy are tapping these young customers who are subscribers of the shared economy and prefer an asset-light lifestyle.
(Edited by Evelyn Ratnakumar)