Zoomcar, the car rental startup company out of India, recently saw a 10% increase in losses during this current year which is more of a loss when compared to last year.
While the company was able to contain its losses, the revenues have increased by about 31% in FY18, compared with less of a loss in FY17, according to its financial data filed with the Registrar of Companies, which was assessed on business intelligence platform Tofler.
Founded by two expats — Greg Moran and David Back — in 2013, the company provides on-demand self-driving services to consumers who do not own or wish to own a personal car.
The Bengaluru-based company’s total expenses during the 2018 fiscal rose to ₹274 crore, up from ₹225 crore in the previous fiscal.
The self-drive rental start-up that initially started with owning fleet of cars, has lately shifted its business strategy to an asset light marketplace model.
The change came after the company realised that owning a fleet incurred huge costs and that maintenance cost was impacting its margins.
The company lets users book vehicles and make payments online. Users have to locate a Zoomcar car lot within their locality to pick up the vehicle.
It also offers doorstep delivery of the rented vehicle.
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