A self-drive car rental company, Zoomcar has raised a whopping amount of 25 million USD Through Series C funding from Ford Motor Co. as well as two other equity investors on Monday, July 25, 2016. The total equity funding has settled down to amount $46.5 million.The other twofundraisers apart from Ford are Sequoia Capital and Reliance Venture Management.
Founded in February 2013 by David Bach and Greg Moran, its headquarters is located in Bengaluru. TheIndia-based firm managed to raise almost 21 million USD in two rounds. Since its launch, it has raised funds with the help of 16 investors. The portfolio of next generation cars came close to profitability in several cities despite loss through taxes, interests and depreciation.
The respective company boasts of possessing 1,600 cars, which goes for 2,100 rides each day with 8,60,000 users on daily basis. With so many cars to rent, it occupies 75% of total vehicle utility. Previously, Zoomcar diverted its attention towards marketplace model aiming to make a profit by 2017 including expansion of new markets along with the fresh round of investments.
Apart from recent Series C funding by Ford Motors in Zoomcar, the smart mobility announced its latest third round funding in 3D mapping startup Civil Maps as well as unicorn company Pivotal Software based in Palo Alto, US. The feasible funding might help the companies to focus on autonomous rides, data and connected cars. Sequoia Capital, on the other hand, has already invested in India-based company Car Dekho.
Zoomcar is currently trying to expand in tier I cities like Mumbai, Bengaluru, Delhi, Kolkata, etc. If success reports arrive within subjectedtime-period, it has thought of expanding the business further in tier II & III cities.