Bengaluru-based Zoomcar secures $1.98 M funding from its US parent company

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Bengaluru-based Zoomcar secures $1.98 M funding from its US parent company
Bengaluru-based Zoomcar secures $1.98 M funding from its US parent company

Bengaluru-based self driving car rental firm, Zoomcar India secured a fund infusion of Rs 14.14 crore ($1.98 million) from its US-based parent entity, Zoomcar Inc, regulatory filings made with the Registrar of Companies (RoC) showed.

Founded in 2013 by David Back and Greg Moran, the startup is a self-drive rental company. In January 2018, Zoomcar claimed that it had turned EBITDA-profitable in December 2017.

Last month, the company announced a partnership with ticketing and travel portal ixigo which has enabled it to offer its rental services through ixigo’s platform.

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. Zoomcar and Drivezy are tapping these young customers who are fond of the shared economy and prefer an asset-light lifestyle.

Seeing the vast potential, even ride-hailing service platform Ola Cabs, has forayed into self-driven car rental business. Recently the homegrown cab aggregator obtained a licence to launch a self-drive car rental service from the Karnataka State Transport Department.

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