Self-drive car rental company Zoomcar is looking to double its revenue and fleet size in financial year 2018, which will be driven by its marketplace model, Zoomcar Associate Program (ZAP), the company said in a statement. The company had launched ZAP last year in April, to allow users as well as other individuals to buy one or more vehicles, which can be leased to Zoomcar on a revenue sharing model. ZAP allows users to buy vehicles on the company’s behalf and earn revenues by renting them when vehicle is not in use. This also allows Zoomcar to have less of self-owned vehicles and more of third-party vendors and dealers vehicles to its fleet. In order to boost third-party owned vehicles under ZAP, the company offers bank loans through its lending partners or let users buy a car with cash. Zoomcar undertakes all of the operations once the car signs up on the ZAP platform. Zoomcar also takes 30% cut of revenue earned from each car each month under ZAP, but it also charges the owner fuel cost, servicing, maintaining and GPS tracking installation and working monthly. As of now Zoomcar has 600 registered users with ZAP, and means 20% of its fleet is third-party vehicles. Overall, Zoomcar claims to have 20 lakh registered users across India with 3000 fleet. Going forward the company aims to have 25,000 cars in 30 cities across India or which its ZAP (third-party fleet) would account for 85-90% fleet over the next 2-3 years. The…
