Zoomcar had pioneered shared mobility in India.
Carsharing service provider Zoomcar on Monday revealed that it has raised $92 million from New York City-based SternAegis Ventures with support from global family offices and institutional financial backers. SternAegis was the exclusive placement agent for this and ThinkEquity a special advisor.
Zoomcar expects to use these funds to develop its vehicle sharing marketplaces in India and select markets across Asia and the MENA (Middle East and North Africa) regions. It will also invest in high-level engineering and data science platforms.
The company has plans of investing more in IoT (Internet of Things), AI, and computer vision-related applications, to improve its client experience. It additionally hopes to improve its enterprise software solutions for OEMs and insurance agencies.
Zoomcar had rolled out India’s first shared mobility platform in 2013, and has roughly 10,000 vehicles on service today. People can rent cars from the Bengaluru-based organization on daily or hourly bases. With 300 employees, Zoomcar currently operates in 50+ cities.
In 2020, Zoomcar Mobility Services, the organization’s SaaS-based mobility solution was launched, with white-labeled subscription services and an IoT-based driver behavior monitoring system.