Zoomcar to Raise $500 Mn in A Funding Lead by Mahindra
4 April 2019 2:57 AM IST
Within few days after Indian cab-hailing firm Ola has announced to enter self-drive car rental market with fleet of 10,000 cars, Bengaluru-based car rental startup Zoomcar is said to be raising around $500 million in a fresh funding round led by automaker Mahindra and Mahindra Ltd, reported Livemint citing sources
- Within few days after Indian cab-hailing firm Ola has announced to enter self-drive car rental market with fleet of 10,000 cars, Bengaluru-based car rental startup Zoomcar is said to be raising around $500 million in a fresh funding round led by automaker Mahindra and Mahindra Ltd, reported Livemint citing sources aware of the development.
- The upcoming funding, which is expected to close in current quarter, will be a mix of debt and equity financing and will shoot up the valuation of Zoomcar to over US$1 billion making it an another unicorn startup based out of India.
- Mahindra, who is already an existing investor in Zoomcar, is expected to pump in $300-400 million in Zoomcar, said the report.
- Founded in 2013 by American duo David Back and Greg Moran, Zoomcar has raised a total of $103.8 million in funding over 10 rounds from investors including Sequoia Capital, NGP Capital and Ford Motor Company, among others.
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