Bangalore based car rental service Zoom, which raised funding from angel investor Rajkumar Elango earlier this year, has now picked up USD 1.6 Mn in seed round led by New York based Empire Angels.
San Francisco based VC firm FundersClub, Basset Investment Group and a few other individuals, including former US SEC Commissioner Lady Barbara Judge had also participated in the round.
With this round of funding Graham Gullans, co-founder and managing director, Empire Angels is also joining Zoom’s board of directors.
Till now Zoom had raised USD 650K in funding excluding this round. Previous funding rounds include USD 215K from Empire Angels, New York and an investor group based out of UK led by Lady Barbara and USD 30K in angel funding from Larry Summers, a former director of the United States National Economic Council and USD 200K round by Rajkumar Elango.
Zoom offers neighbourhood and membership only based car rental service, and charges customers on the basis of hour/day of usage.
Users can even book and pay for cars through its smartphone app.
Zoom is currently active in Bangalore with a fleet of 52 vehicles including Ford, BMW, Mahindra, and Volkswagen. It currently has vehicles at five locations across Bangalore.
The latest round will be used by the company primarily to scale this fleet size in Bangalore itself, and to develop technology.
The company had over 4,500 members and had done nearly 1500 reservations as of October this year.
A few others in dealing in the same space include Avis, Carzonrent, CarClub, etc.
Recently, US Based private online car hiring platform Uber had also expanded its operations in India, starting with Bangalore.
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