Zoomcar, an autonomous car platform out of India, has been completing several fund raising rounds as they continue to push forward in the mobility market.
According to the Ministry of Corporate Affairs filings accessed by Inc42, the company has raised $11.35 million across multiple forms of equity infusion from its US-headquartered parent as well as debt funding from Trifecta Capital and others.
Over the last one year, the company has raised debt funding from Trifecta, Kotak, Blacksoil Capital and Mahavir Dwellers. Further, the company raised nearly INR 66 Cr from its parent company.
The filings showed that the proceeds will be used towards technology development, customer acquisition, publishing and other general corporate purposes.
Founded in 2012 by Greg Moran and David Back, Zoomcar is a self-drive car rental service that offers a membership-based service that enables individuals to rent vehicles on an hourly, daily, weekly, or monthly basis. The company claims to have a 70% market share with over 7,000 cars, catering to over 2000 rides every day. By the end of 2019, it aims to have 20,000 cars.
In October 2017, Zoomcar India launched PEDL, a dockless bike-sharing service. However, the service was discontinued in December 2018. At the time, Zoomcar founder Greg Moran told Inc42 that the company will be upgrading the bicycles as the demand for the service was extremely high. So Zoomcar is currently working to improve the quality of the cycles.
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