Automaker Mahindra & Mahindra invests in self-drive car rental platform, Zoomcar through a latest series C funding round.
Apart from Mahindra, the lead investor,other companies too participated in the $40 million funding round.
Zoomcar would use the funds for accelerating its marketplace supply growth and improving its lead within applied Internet of Things (IoT) technologies.
Moreover, the company is planning to offer its service in more Indian cities this year.
“We’re incredibly excited to welcome the Mahindra team on board for this next phase of growth within the Indian self-drive mobility space,” Greg Moran, co-founder and CEO, Zoomcar, said in a statement.
According to Zoomcar, the company achieved tremendous growth in 2017. Now they will be offering new services to the customers, which includes a subscription-based programme for cars.
Last year Zoomcar had launched PEDL, a dockless cycle- sharing service which now operates across 10 cities with a fleet of more than 3,000 cycles.
As the global mobility industry continues to evolve, Zoomcar seeks to create even clearer differentiation from driver based mobility platforms such as Ola or Uber.
According to the press release of Zoomcar, the company’s focus on convenience, flexibility, and privacy continue to serve different use cases when compared to other non-self-drive offerings.
The Series C fundraise will allow Zoomcar to double down on its strong community building efforts to ensure it maintains its high customer retention levels.
The new round of funding is likely to catalyze its business as Zoomcar eyes 15,000 subscriber vehicles this year.