Zoomcar, a mobility platform and car rental company based out of India, is preparing to fund raise around $500 million during this fiscal quarter from both new and existing investors.
Greg Moran, CEO, Zoomcar told stated, “This will be equity plus structured debt that will be totaled around $500 million. We will have a number of global financial partners joining this round.” He further added that the company is looking to close this funding round by May-June.
The company will use the investment to expand its operations across the country. It is also expected to use the funds to ramp up specific areas such as the company’s ZAP car subscription service and micro-mobility services.
According to Zoomcar, with over 2,000 subscriptions in the month of March 2019, ZAP Subscribe is twice as large as the largest car dealership in the country. Moran said that the company aims to grow this number by 10 times this year.
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