Car Rental Service Provider Zoomcar Closes its Series B Funding

Bengaluru: ZoomCar India Private Limited, the Bengaluru based car rental startup, raises $11 million in Series B round of funding from Sequoia Capital, Empire Angels and NGP. The startup plans to utilize the funds to add more vehicles to their catalog, increase their workforce and improve their technology and product services. Previously, it had raised $8 million from Sequoia Capital and other angel investors last year.

Founded in 2012 by Greg Moran and David Back, ZoomCar is India's first 100 percent self-drive focused car rental company. It is a membership-based service that enables the users to rent vehicles by the hour or by the day. The customers can book their cars online as well on apps which also include the paperwork, payments and identification processes.
 
Within the first 20 months of its inception, the startup has grown to a fleet size to cover 250+ cars at about 40 locations across Bangalore and Pune, and also claims to have had over 30,000 bookings in the same period with over 1000 customers having used the service more than five times.

 

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