Self-drive car rental company Zoomcar has announced that it has closed $24 million in a Series B investment round. Ford Smart Mobility LLC, a subsidiary of Ford Motor Company, led the round alongside existing investors Sequoia Capital, Nokia Growth Partners(NGP) and Empire Angels.
Zoomcar’s capital raise will be used primarily for accelerating its innovative marketplace model along with furthering its technological lead.
Greg Moran, Co Founder and CEO, Zoomcar said, “We’re thrilled to welcome the Ford team on board for this next phase of growth in the Indian self-drive space. Ford was our very first OEM partner back in 2013 and this announcement just cements the fact that the two companies share many of the same core values and vision related to urban mobility. Customer experience will remain our highest priority as we scale ZAP across India in the months ahead and our relationship with Fordwill no doubt help us create a world leading marketplace experience for both our customers and associates.”
Ford has been Zoomcar’s largest supplier of vehicles and both companies have worked closely on a number of mobility experiments. Ford’s investment supports the company’s focus on smart mobility and its vision to enable consumers to easily travel between locations.
John Larsen, mobility director, Ford Asia Pacific said, “As Ford expands its business to be both an auto and mobility company, we are pursuing a long-term vision to develop services and solutions that make it easier for consumers to move through cities using multiple modes of transportation. Our investment in Zoomcar will help strengthen the company’s role in shaping India’s developing mobility space and provide new transportation options to help make people’s lives better.”