Bangalore, India based self-driven car rental company ZoomCar.in has raised over $1.6 million as seed round of funding from New York based Empire Angels and other investors – Funders Club, Basset Investment Group. ZoomCar is already been backed by former US Treasury Secretary Larry Summers.
ZoomCar.in is the only Indian startup in portoflio companies of Empire Angels and same goes for Funders Club and Basset Investment Group this is probably because founders of ZoomCar.in Greg Moran and David Back are both US residents and have deep roots in US funding bodies and agencies as ZoomCar is already backed by US Treasury Secretary Larry Summers who is also a member of ZoomCar’s board of advisors.If ZoomCar founders would have been Indians, the funding scenario of company might be different.
Similar to what Zipcar is doing in US, ZoomCar is doing the same in India and claimed to be India’s first and only self-driven car-sharing company offering neighborhood based, membership-only car rental by the hour or by the day. Zoom launched operations in Bangalore with 7 vehicles in February 2013 and has grown to a fleet of 52 vehicles as of Oct 1, 2013. Zoom offers a mix of vehicles from Ford, Mahindra, Volkswagen, and BMW for hourly and daily tariffs.
Currently ZoomCar.in offers its services at three locations in Bangalore: St. Johns Road in Ulsoor, Brigade Millennium Complex in JP Nagar, Brigade Gateway Complex in Malleshwaram and is planning to expand to new locations to all Tier 1 and Tier 2 cities across India over the coming years.
On latest funding Greg Moran, CEO and Co-Founder of ZoomCar.in said – “We’ve seen phenomenal customer adoption since our February launch. This infusion of capital will enable us to rapidly expand our fleet and add headcount to bolster our technology and operations. Zoom is dedicated to providing its customers with a superior car rental experience with the newest fleet in the country and the convenience of hourly rentals. Zoom was built with a focus on high quality customer service and will maintain the same level of service as we expand into new markets.”