Self-drive car rental company Zoomcar has raised an internally led round of $11M from Sequoia Capital, Empire Angels and NGP.
Adding his opinion on the matter, Greg Moran, Co-founder and CEO, Zoomcar stated, “This round will allow us to continue our rapid expansion across India both in terms of vehicles and new cities. We currently have a fleet of more than 1,500 cars across 250 pickup locations and 6 cities (Bangalore, Mumbai, Delhi, Pune, Chennai, and Hyderabad). Despite adding over 1,000 cars this year alone, we’re still unable to meet the demand for our service with our current strength. From the beginning of the year, our revenue has grown by more than 3x and bookings have increased in a similar fashion.”
Moran also mentioned that over the next year, the company expects to add more than 7,000 cars and spread across 15 more cities.
The fund would be primarily used to add new vehicles and more employees. Also improvising tech and product is on the company’s priority list.
Zoomcar allows users to rent cars by the hour, day, week, or month. Its vehicle catalogue offers a wide and extensive variety of cars for self-drive in India, ranging from hatchbacks to SUVs to luxury sedans. The company’s ever expanding fleet which is currently clocking over 1500 cars includes Ford Figo and Ecosport, Honda City and Amaze, Mahindra Reva, Scorpio and XUV, Tata Nano and Safari, Maruti Ciaz, BMW 3 Series, and the Mercedes A class, GLA, and CLA.