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Bengaluru-based car rental startup Zoomcar today announced that it has raised $40 million in a Series C funding round led by Mahindra & Mahindra along with participation from a variety of existing investors, reported ETAuto.

The funds raised will be used by the startup primarily for accelerating its marketplace supply growth, improving its lead within applied IoT technologies, and expanding into additional mobility categories across India.

Till date, Zoomcar has raised a total of $100.2 million of capital in eight rounds. It last raised $15 million in a funding round led by Venturesouq and Cyber Carier, in December 2016. Prior to that, it raised $24 million in Series B, in August 2016.

Notably, this is not the first association of Mahindra with Zoomcar as earlier, in last year, the two companies announced a partnership to introduce electric vehicles (EV) into the shared mobility space.

Zoomcar recently launched Mahindra e20Plus electric vehicles across Mysore, Bangalore, and Hyderabad. Going forward it expects to add another 500+ Mahindra EVs across more than 20 cities pan-India, in the first half of 2018.

“We’re incredibly excited to welcome the Mahindra team on board for this next phase of growth within the Indian self-drive mobility space. Our collaboration with Mahindra dates back to 2013 when we first kicked off in Bangalore. Most importantly, Mahindra shares Zoomcar’s vision for multi-modal urban mobility and we look forward to leveraging their diverse platform to help accelerate the transformation to a shared, electric mobility future for India,” Greg Moran, co-founder & CEO, Zoomcar.

Zoomcar expects this fresh funding to help the Company hit over 15,000 subscriber vehicles on the platform before the end of 2018.

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In October 2017, Zoomcar launched PEDL, India’s first dockless cycle sharing service. The service currently operates across 10 cities with a fleet of more than 3,000 cycles. The service currently completes nearly 15,000 rides per day and partners with leading universities, IT parks, residential societies, Municipal Corporations, and Smart City groups.

The Company also expects to dramatically increase its cycle count to meet the robust customer demand. Zoomcar envisions that its PEDL service will operate across more than 75 cities by year end.

In August 2017, the company has launched HOP, a one-way intercity self-drive service, through which Zoomcar firmly cemented its market leadership position in the overall car renting space in India.

This month, an another Bengaluru-based car rental startup Drivezy raised $5 million via Initial Coin Offering, an unregulated means by which funds are raised for a new cryptocurrency venture.

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