The company plans to invest Rs 176 crore in Zoomcar India or Zoomcar Inc. its United States incorporated holding parent company. With respect to the electric collaboration, Zoomcar recently launched E2O plus vehicles across Mysore, Bengaluru, and Hyderabad. In the coming months, Zoomcar expects to add another 500 + Mahindra E2Os across more than 20 cities across the country.
Auto rental startup Zoomcar is set to raise $50 million (Rs 318 crore) from.
In November previous year, Mahindra and Zoomcar had announced a partnership to introduce EVs in the shared mobility space.
Mahindra said the company has been keen to invest in the shared mobility space as a part of its strategy to participate in sustainable mobility solutions.
Zoomcar expects this fresh funding to help the company hit a subscription base of over 15,000 vehicles on the platform before the end of 2018.
This is not the first time when Mahindra group has shown interest in Zoomcar.
Mahindra has made this round of investment in Zoomcar, with part of the amount going to the parent Zoomcar Inc. via its own investment arm, Mahindra Overseas Investment Company (Mauritius) Ltd, with the provision to convert its investment in the operations arm to stocks in the parent company going ahead. Zoomcar and Mahindra expect to closely collaborate on electric charging infrastructure to further expand the use cases for EVs.
"At Mahindra, we are playing a pioneering role in the shared mobility business and are looking forward to an impetus in it through this investment in Zoomcar", said Dr Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd.
Since its inception five years back with a pilot project in Bengaluru, Zoomcar has steadily grown to increase its presence over 27 Indian cities.
Zoomcar India Pvt. Ltd, which operates a self-drive vehicle rental service, said on. Zoomcar envisions that its PEDL service will operate across more than 75 cities by the year-end. The service completes almost 15,000 rides per day and partners with universities, IT parks, residential societies and municipal corporations.
The company recorded loss of Rs 100.4 crore for the year ended March 31, 2017, while revenue came in at Rs 121.2 crore for the same period.
The company seeks to create even clearer differentiation from driver based mobility platforms such as Ola or Uber. The Series C funding round from Mahindra will allow Zoomcar to double down on its strong community building efforts to ensure it maintains its high customer retention levels.
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