Parent company Zoomcar purchased around $7.3 million in shares in the platform and Virmani paid around a $1 million loan.
India's Ministry of Corporate Affairs had recent filings that revealed the company recently passed a new resolution to allow the sale of around 97,000 shares to Zoomcar Inc at the beginning of this month. This follows two more equity purchases from the parent company in both July and September.
A separate filing also revealed that the company allowed for 720 unsecured convertible debentures worth $140 each to be sold to Virwani.
This year Zoomcar has fundraised a total of around $18 million.
The platform was started back in 2013 by Co-Founders Greg Moran and David Beck. Zoomcar claims that they serve around three thousand consumers every single day. Their site says it has around 480,000 users with around 6,500 vehicles. Currently, the platform is up and operating in 42 cities around India.
During the summer, the platform teamed up with Volkswagen to help the auto manufacturer access India's auto rental marketplace. Through this partnership, Zoomcar will host Volkswagen cars on its platform for consumers who pay the monthly subscription. Zoomcar has also teamed up with automakers like Toyota, Nissan, and Renault in order to bring their cars into their fleet.
In a recent report, Zoomcar was shown to be moving around 12% of the passenger cars every year.
The competition in the market includes Revv, Mules, Avis India, and MyChoize along with companies like taxi-hailing company Ola which recently announced it's own auto rental service within India.
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