Zoomcar, a Bengaluru-based car rental marketplace, secured $92 million in a Series E funding round through the private sale of shares to SternAegis Ventures and other international family offices.
The capital raised will be leveraged Zoomcar to strengthen its expanding market share in car rental services in India and select markets spanning Asia and the MENA (the Middle East and North Africa) region.
The company also plans to continue investing in its strong engineering and data science infrastructure to foster its market leadership in the global car rental business. Zoomcar also plans to broaden its enterprise software solutions to original equipment manufacturers (OEMs) and insurance firms.
Company: Zoomcar India Private Ltd.
Round: Series E
Funding Month: November 2021
Lead Investors: SternAegis Ventures
Company Website: http://www.zoomcar.com/
Software Category: Car rental platform
About the Company: Founded in 2012 by David Back and Greg Moran as a direct-to-consumer car rental platform. ZoomCar is a developer of an online platform used to offer self-drive car rental services. It is a self-drive-focused car rental company allowing individuals to rent vehicles by the hour, day, and week. Zoomcar Mobility Services, the company’s enterprise SaaS-based mobility solutions offering that includes white-labeled subscription services and IoT-based driver behavior monitoring systems, was launched in 2020. Zoomcar currently has a network of over 10,000 cars spanning more than 45 cities in India.