After raising whopping $40 million in a Series C funding, in February this year, Bengaluru-based car rental startup Zoomcar has raised fresh $3.6 million (~ Rs 25 crore) in debt fund from Silicon Valley-based Trifecta Venture Debt Fund, says the company’s recent filings with Registrar of Companies (RoC).
Touted as India’s first 100% self-drive focused car rental company without chauffeurs, Zoomcar has raised a total of about US$104 million in 10 rounds of fundings from high profile investors including Ford’s Smart Mobility, Mahindra, Sequoia capital and Empire Angels, among others.
Commenced its operations in February 2013, the company now operates a fleet of over 3,000 vehicles across 27 cities including Bangalore, Pune, Mumbai, Chennai, Hyderabad, Delhi NCR, Kolkata, Chandigarh, Ahmedabad, Vizag, Jaipur, and Mysore, among others. For the fiscal year 2017, Zoomcar had recorded a revenue of Rs 121 crore.
Zoomcar has recently launched Mahindra e20Plus electric vehicles across Mysore, Bangalore, and Hyderabad. Thereafter, it was also reported to have added another 500+ Mahindra EVs across more than 20 cities pan-India, in the first half of 2018.
Founded in 2013 by American duo David Back and Greg Moran, Zoomcar was started with $215,000 in capital and a fleet of seven cars and then initially raised capital from individual investors including former US Treasury Secretary Lawrence Summers, Chair of the UK Institute of Directors Lady Barbara Judge and the former Director of the Cambridge Centre for Entrepreneurial Studies Shai Vyakarnam. Zoomcar has also raised money from former Infosys CFO T.V. Mohandas Pai and his business partner Abhay Jain.
In October last year, 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.
In February this year, , 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.