Ford Backs Zoomcar In Series C
Another Investment by Ford in July!
About the Funding Round
Recently, Bangalore-based self-driving car rental startup Zoomcar raises $25 million in Series C round of funding, which was led by renowned American automaker Ford Motor Company. Existing investor Sequoia Capital along with new funder, Reliance Ventures also participated in the round. As per reports, Ford Smart Mobility, the automobile investment arm of the Ford Motor Company, invested $15 million, while Sequoia Capital and Reliance Ventures split the remaining $10 million investment. In 2015, prior to this round, Zoomcar had raised $11 Million in venture funding from Nokia Growth Partners, Sequoia Capital and Empire Angels. With all this, the startup has a total equity funding of $46.2 million.
Brief on Zoomcar
Founded in 2012 by Greg Moran and David Back, Zoomcar is a self-driving car rental service that lets you rent cars by the hour, day, week or month. Moreover, it offers memberships to rent vehicles. Zoomcar is dedicated to organizing India’s massively scattered car rental business via its online platform. Having over 1600 cars, claiming more than 2100 rides per day and around more than 8 lakh users, Zoomcar offers pick-and-drop services to the airport, railway stations and general commuting. The driver will drop the car at the destination you choose. Ola Cabs is giving direct competition to Zoomcar since it recently has entered the car rental segment. By 2017, Zoomcar aims to expand into new markets.
Is Ford encouraging the startups by financially backing them or is it a business strategy? Share your views below.
Related Article: Ford Invests in 3D Mapping Startup for Self-Driving Cars
Takeaways:
- Recently, Bangalore-based self-driving car rental startup Zoomcar raises $25 million in Series C round of funding, which was led by renowned American automaker Ford Motor Company.
- As per reports, Ford Smart Mobility, the automobile investment arm of the Ford Motor Company, invested $15 million, while Sequoia Capital and Reliance Ventures split the remaining $10 million investment.
Subscribe with us to get your dose of interesting news, research & opinions in the startup segment. Fill the form below:
The Author
