Self-drive car rental company Zoomcar has raised an additional amount of undisclosed funding from Chinese VC firm Cyber Carrier CL. This is an additional amount to the earlier announced series B funding in August when the company secured $24 million. The round was led by Ford Smart Mobility LLC with participation from existing investors Sequoia Capital, Nokia Growth Partners and Empire Angels.
The company will use fresh funding for scaling its Zoomcar Associate Program (ZAP), its marketplace model and on upgrading technology. While announcing Series B in August the company set a target of expanding fleet size 25,000 cars across 25 cities by 2018 and expand its current airport presence. The ZAP program is planned to account for 75% of its overall vehicle inventory by early 2017.
ZAP program was launched in April this year. It allows Zoomcar users as well as individuals to buy one or more vehicles and lease them to Zoomcar under a revenue sharing model. At the time of launch, Greg Moran, co-founder and CEO of Zoomcar, told MediaNama that the company plans to hit over 100,000 cars over the next 3 years under ZAP. Last month it started equipping vehicles with hardware kits to help prevent road accidents in partnership with Mobileye NV
As of now, Zoomcar claims to have around 2,500 cars across 14 cities including Bangalore, Pune, Chandigarh, Chennai, Hyderabad, Mumbai and Delhi NCR, with above 75% occupancy. The company does not state if this occupancy is year round or seasonal. It also claims to have done 13 million kms in travel and has 2 million app downloads as of this month.
Till date, Zoomcar has raised at least $45.2 million in 6 rounds of funding, according to Crunchbase. In July 2015, it raised funding worth $11 million from Sequoia and others. In October 2014, it raised $8 million from Sequoia and new investors including Mohandas Pai and Abhay Jain. In October 2013, Zoomcar raised $1 million in seed funding, $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.