Denis Opudo
Zoomcar is currently worth Rs 1,100 crore after injection of $40million in the final round of Series C funding. The initiative signed an agreement with Ford Smart Mobility and M& M with the agenda of boosting startups funding. The recent alliance between Zoomcar, Ford, and M&M form the global largest partnership geared towards shared users mobility and cars connections. However, the association operates mainly India markets alongside other international platforms.
The joint venture resulted in 500E20s and E20Mahindra electric cars forming part of Zoomcar’s flag fleet in most of the cities. Major cities where Zoomcar fleets operate comprise of Hyderabad, Mysore, and Bangalore in India market. The two companies’ commitment is to achieve a center of excellence in electric cars both within India and outside. Besides full commitment, the association expresses hope for future progress using modern technological innovation in the automobile industry.
The operation model of Zoomcar ensures offering online customers cars by booking using android app platform. Esteemed customers receive vehicles in designated regions specified during the registration process. Other startup investors constitute of Sequoia Capital, Ford, Infosys, TV Mohandas Pai and Lawrence Summers. The company expansion strategy entails operation in India market alongside overseas Africa and Asia markets. Moreover, Mahindra investment scheme prioritizes subdivision of fresh investment funds to parent Zoomcar Inc. through investment arms in Mauritius Ltd. The M& M Company projected overall stake of about 16% in Zoomcar Inc after agencies approval of proposed investment plan.
The strong association by the companies yielded improved operation of electric vehicles and SUVs in the Zoomcar 3000 fleet. Further, the startup managed to receive fresh Rs 17 crore investment funds. The funds from Mahindra & Mahindra originating from Zoomcar’s Rs 256 core findings from series C. The initiative new investment raised the startup value to Rs 1,100 core or $172 million.
