Bangalore: Bangalore based self- drive car rental platform Zoomcar raises Rs.31 crore from its existing investor, in an interim round of funding. The funding round also witnessed participation from Empire Angels, Funders Club and Basset Investment Group and Triangle Growth Partners investors who had backed the company in 2013.
The company had already raised $8 million in its series A round from Sequoia Capital India along with other angels including Mohandas Pai – former Infosys CFO and Abhay Jain – Head of corporate affairs at Manipal Group, last year. Zoomcar is also backed by Sequoia Capital, Lady Barbara Judge – marquee angel investors and Mohandas Pai. The company is reworking on its business model following the exit of David Back, its co- founder.
Incorporated in 2013 by Greg Moran, Zoomcar offers wide range of cars on rent, be it for hours, days, weeks or months. The firm focuses on convenience, mobility and independence. Today, the firm offers cars with economical prices and allows customers to book cars online as well as on apps, wherein the paperwork, payments and identification are integrated.
Currently offering its services in Bangalore, Pune and Delhi-NCR region, Zoomcar claims to have 1100 cars and rearing up to expand its operations in cities including Delhi, Mumbai, Chennai and Hyderabad this year.