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Updated: Car Sharing Service Zoom Raises $30K Angel Funding

Bangalore-based ZoomCar India Private Ltd which operates the membership-based car rental service ZoomCar.in has raised $30,000 angel funding from the former US treasury secretary Larry Summers in form of warrants, reports TechCircle, adding that the company plans to use the investment raised to procure more cars. Prior to this, Zoom had raised an angel round of $215,000 from Empire Angels (New York, US), Lady Barbara Judge and several other angel investors last month. The company has raised around $325,000 funding until now, as indicated by the report. ZoomCar is a membership-based car sharing service, which allows users to book cars on a hourly or a daily basis and drive them anywhere in the country. However, the user will have to drop the vehicle back at the same place from where the vehicle was picked up. The site currently offers a web-based reservation system and mobile apps across iOS and Android. One can head over to the website, choose their location on a pincode-basis and provide the pick up date and return date to view the cars available for the period. One can also sort these results based on distance or price, choose their preferred car and sign up for the service to make the booking. The company is currently operational in Bangalore with plans to expand to Mumbai and Delhi by the end of this year and later to Chennai, Hyderabad and Pune. It claimed to have 10 cars as of last month, which included the likes of Ford Figo and Mahindra Scorpio among others. It also…

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