Auto-drive auto company raises $11 million funding

Bengaluru-based self-drive car rental company Zoomcar has announced that it has raised an internally led round of $11 million from Sequoia, Empire Angels and NGP.

The company will use the fresh funds to expand its presence into new cities and also its fleet. Over the next year, the company is planning to add more than 7,000 cars and expect to launch service in 15 more cities in India.

At present, the company offers self-drive car rental services in cities like Bengaluru, Mumbai, Delhi, Pune, Chennai, and Hyderabad.

“This round will allow us to continue our rapid expansion across India both in terms of vehicles and new cities. We currently have a fleet of more than 1,500 cars across 250 pickup locations and 6 cities . Despite adding over 1,000 cars this year alone, we're still unable to meet the demand for our service with our current strength. From the beginning of the year, our revenue has grown by more than 3x and bookings have increased in a similar fashion,” said Greg Moran, Co-founder & CEO, Zoomcar.

Founded in 2013, by David Back and Greg Moran Zoomcar allows users users to rent cars by the hour, day, week, or month. Till now the company has raised over $11 million in funding.

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