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Zoomcar bags Series C funding of $40M from Mahindra & Mahindra and others

Self-drive car rental company Zoomcar has closed Series C funding of $40 million led by Mahindra & Mahindra, with participation from existing investors. Note that Zoomcar is already associated with Mahindra for electric vehicles' push. In November last year, Zoomcar entered into a partnership Mahindra Electric Mobility (MEML) to roll out electric vehicles in Mysore, Karnataka, followed by other cities, which is part of an older deal between the companies. The company said that it will use the fresh capital to accelerate its marketplace supply growth, improving its technologies such as Internet of Things (IoT), and expanding mobility categories across India. It said that under its Zoomcar Associate Program (ZAP), which lets Zoomcar users and other individuals buy one or more vehicles which could be leased to Zoomcar and operate on a revenue sharing model, the vehicles now account for over 25%…

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