Zoomcar India, the self-driving car platform, recently received $1.9 million in equity from their parent company Zoomcar.
According to the Ministry of Corporate Affairs filings accessed by Inc42, Zoomcar Inc picked up 28,484 equity shares at a nominal value of $0.14 and premium of $69.48 per share.
In July, Inc42 had reported that the company had 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 had raised $5.3 million debt from Trifecta, Kotak, Blacksoil Capital and Mahavir Dwellers. Further, the company raised nearly $9.9 million from its parent company. The company also raised $1.7 million in debt funding from Mahindra and Mahindra.
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.
Zoomcar India’s loss widened by 10.2% in the year ended March 2018 as compared to FY17 due to increasing costs of doing business. The car-rental startup’s expenses rose to $39.22 million in FY18, from $32.20 million in FY17. Meanwhile, the annual revenue rose to $22.47 million from $17.17 million in the previous year.
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