Zoomcar, the self-drive, car rental company offering car sharing services, has raised an undisclosed amount of additional investment from Chinese venture capital firm Cyber Carrier CL, following Zoomcar’s Series B round of funding earlier this year. This capital infusion is an extension of that same financing round.
In August 2016, the company raised $24 million in its Series B round of investment, led by strategic investor Ford Smart Mobility LLC, together with existing investors including Sequoia Capital, Empire Angels, OurCrowd, and Nokia Growth Partners.
Founded in 2013, self-drive car rental startup Zoomcar holds the distinction of being India’s first 100% self-drive car rental company, offering car sharing services. It provides users with car rental services by hour, day, week, or month. Its newly launched marketplace ZAP allows users to purchase vehicles on Zoomcar’s behalf and make money from them when they’re not driving the vehicles.
“We’re thrilled to welcome the Cyber Carrier CL team on board for this next phase of growth in the Indian self-drive space. Customer experience and IoT- enabled product innovation will remain our highest priorities as we scale ZAP across India in the months ahead and our relationship with Cyber Carrier CL will no doubt help us create a world leading marketplace experience for both our renters and associate owners,” said Greg Moran, Co-founder and CEO, Zoomcar.
Into its fourth year of operations, Zoomcar has doubled bookings in the past year with a fleet of over 2,500 cars, >75% occupancy, 2 million app downloads and users who have travelled over 13,00,00,000kms to over 200,000 destinations in the country.