Car rental service provider, Zoom, has raised USD 8 million in funding led by Sequoia Capital with participation from former Infosys CFO Mohandas Pai and Manipal Group’s head of corporate affairs Abhay Jain. The new funds are expected to be used to expand its services to Delhi, Chennai, Hyderabad, Mumbai, Goa and other cities.
Previous funding rounds include USD 1.6 Million in seed round led by New York based Empire Angels, 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. Till date, including this round, the firm had received a total funding of USD 10.9 million.
The company was launched in February 2013 by David Back and Greg Moran, with 7 vehicles at a single location and now has grown to 250 cars at more than 40 locations across Bangalore and Pune.
Zoom allows registered members to hire cars for self-drive by the hour or by the day, right in their neighborhood. Zoom will have vehicles distributed throughout a city – with at least one vehicle within a 10-minute walk of where the majority of members live or work.
The site provides a filter based search for the available cars on the basis of Location , pickup and return, date and time.
The cars are equipped with a system to remotely disable the engine starter in case of theft. The zoom team are able to monitor cars, disable them completely and also monitor speeds and Fuel limit.
Recent funding in the same category include Olacabs, raising USD 210M from Japan’s Softbank Corp and TaxiForSure, also announced a new round of funding led by venture capital firm Accel Partners in August this year.