Self driving car rental firm Zoomcar India raises $1.98M from its US parent entity

Zoomcar India, the self driving car rental firm, has received a fund infusion of $1.98 million from its US-based parent entity, Zoomcar Inc.

As per RoC filings, Zoomcar India Private Limited issued 28,484 equity shares of Rs 10 each, at a premium of Rs 4,956 per share.

Zoomcar self drive has secured about Rs 70 crore in both equity and debt since January 2019. It has raised funds from various entities including its US-based parent, Mahindra, Blacksoil Capital, Mahaveer Dwellers, Trifecta and others.

Zoomcar was founded by David Back and Greg Moran in 2013. It is a self-drive rental company. In January 2018, the startup had claimed that it turned EBITDA-profitable in December 2017.

Zoomcar posted a revenue of Rs 158 crore in FY18, which is 32% higher than the Rs 120 crore it reported in FY17.

The company’s expenses rose to Rs 274 crore for FY18 as compared from Rs 225 crore in FY17. In addition to this, Zoomcar’s loss widened by about 10% from Rs 105 crore in FY17 to Rs 116 crore in FY18.

Last month, Zoomcar India partnered with ticketing and travel portal ixigo. This has enabled it to provide its rental services through ixigo's platform.

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