Zoomcar a self drive car rental company had raised funding of $24 million from Ford Smart Mobility- a subsidiary of Ford Motor Company. Existing investors Empire Angel, Sequoia Capital and Nokia Growth Partners also participated in this round.
The funds will be used for market development, expanding into Tier II cities, improving technology, key strategic hires and to focus on ZAP- Zoom Car Association Program. By 2018 it claims to reach a fleet size of 25k across more than 25 cities.
Currently they have a fleet of more than 2000 cars and present in 7 cities. It claims to have 1.5 million app downloads and provided cars across 50k destinations with running km touching 120,000,000.
John Larsen, mobility director, Ford Asia Pacific, said that
“this investment in Zoomcar will boost Ford’s role in the country’s mobility space. He added that as Ford expands its business as an auto and also a mobility company, they are looking at making commute easy through multiple modes of transportation.”
In October 2014, Zoomcar raised $8 million from Sequoia Capital with participation from Mohandas Pai. In July 2015, it raised funding of $11 million from NGP, Empire Capital and Sequoia Capital.
Another player in the same segment is Myles- Carzonrent’s self drive service. It has expanded its fleet size to 650 across 20 cities. It further plans to add 50 cities across 1500 locations.