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Zoomcar raises $11M from Sequoia Capital, Empire Angels & NGP

Self driving car rental company Zoomcar has raised funding worth $11 million from Sequoia Capital, Empire Angels and NGP. The company will use the funds to expand in terms of vehicles and cities, hiring, and product and technology development, and claims that it will add over 7,000 cars and launch in 15 cities across India. Zoomcar claims to have over 1,500 cars across 250 pickup locations in Bangalore, Mumbai, Delhi, Pune, Chennai, and Hyderabad. It said that adding 1,000 cars to its fleet this year did not meet with the demand that it was facing and that its revenue and booking have grown thrice over since the start of this year. Hyderabad launch: In May this year, Zoomcar’s cofounder David Back had quit the company. At the same point, Zoomcar launched operations in Hyderabad with ~30 cars at 6 different locations, mostly around Hitech city and Gachibowli. Zoomcar was to add over 1,000 cars in around 100 locations in the city. Previous funding: 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. Following this 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 to use the funds to hire talent and invest in technology and expand to Hyderabad, Mumbai, Delhi, Chennai and Goa over the…

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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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