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Updated: Zoomcar launches in Hyderabad

Update: Zoomcar told us that it has not raised any funding currently and neither is it in talks to raise funding. The company did, however, confirm that David Back has quit the company. Previously: Self driving car rental company Zoomcar has raised approximately $5 million in an interim funding round from existing investors, reports ET. The report also mentions that apparently Zoomcar’s co-founder David Back has left the company. We've written to Zoomcar to confirm this and will update once we hear back. Earlier this week, Zoomcar launched operations in Hyderabad with ~30 cars at 6 different locations, which the Hindu reported to be mostly around Hitech city and Gachibowli. The report added that Zoomcar would add over 1,000 cars in around 100 locations in the city. In October last year, the company had raised funding worth $8 million from Sequoia Capital, with participation from new investors former Infosys CFO Mohandas Pai and Manipal Group’s head of corporate affairs Abhay Jain. In 2013, Zoomcar had raised $200,000 from angel investor Raj Kumar Elango, $30,000 angel funding from former US treasury secretary Larry Summers and $215,000 from Empire Angels New York, Lady Barbara Judge among other angel investors. In February this year, Zoomcar partnered with Tata Motors to add 50 Nano cars to its then fleet of 700. The company had said at the time that the Nano cars would be split between Pune and Bangalore. Geographical expansion Following last year's funding, existing investors Empire Angels, FundersClub, Basset Investment Group and funds advised by Triangle Growth Partners had also increased their stake in the company. The company had then planned…

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I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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