Zoomcar, a self-drive car rental company offering car sharing services has closed $24M in a Series B investment round. Ford Smart Mobility LLC, a subsidiary of Ford Motor Company, led the round alongside existing investors Sequoia Capital, Nokia Growth Partners (NGP) and Empire Angels.
Zoomcar’s capital raise will be used primarily for accelerating its innovative marketplace model along with furthering its technological lead. The Zoomcar Associate Program (ZAP) launched earlier in 2016, thereby allowing individuals to purchase vehicles on behalf of Zoomcar, list the vehicle on a dynamic basis on its platform, and then finally share in the profit on a monthly basis.
The company c;aims to be witnessing robust adoption with an associate base that’s growing exponentially month on month, though reviews of Zoomcar isn’t that great lately.
Zoomcar expects this marketplace model will account for over 75% of its overall vehicle inventory by early 2017. The funding will allow Zoomcar to reach a fleet size of >25,000 across 25+ cities by 2018. Moreover, Zoomcar will significantly expand its current airport offering across all cities.
Recommended Read : What’s wrong with Zoomcar?