Zoomcar's Co-Founder and CEO, Greg Moran, recently discussed the success and problems that his company has run into during the seven years it has been up and running.
It has been seven years since Greg Moran and David Beck started an online car rental platform in Bengaluru. David exited the company in 2012, the same year it was started, and Greg took on the mantle alone.
Today, the Bengaluru-based car rental platform has a presence in 45 cities across the country, and has tie-ups with the likes of Mahindra & Mahindra, Ford, and Tata Motors. It has also raised close $103 million in funding.
“The personal mobility segment in India is fast growing and we saw it to be a segment that needed the most disruption,” says Greg. But the journey has most certainly has had its challenges.
To start its car rental business in India, Zoomcar needed a licence, and could not get one as - being a new startup - it did not own any assets. According to the Contract Carriage Permit, a business needs to own a fleet, or tie up with an owner of a fleet. Also, vehicles in the fleet need to have yellow licence plates, indicating commercial use.
Add to that, they had already received seed funding, and tied up with several car makers for a fleet. The way around was to work with an existing player that had a licence. From there, Zoomcar has evolved to now having a ZAP subscription service, several tie-ups, and had even ventured into cycle rentals.
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