Self Drive car rental Startup, based out of Bangalore in India has raised a fresh funding round of $11 Million from Nokia Growth Partners and existing investors Empire Angels & Sequoia Capital. The news about this funding round came back in May this year, however, there was n clarity on the amount raised.
The self drive car rental startup, founded in 2012 by Greg Moran and David Back makes the process of taking a car to your next trip or office pretty simple as it minimizes the efforts and funds you need to own a car. Zoomcar has a solution to land you a car for duration ranging from an hour to multiple months.
Commenting on the latest development, Greg Moran, CEO Zoomcar said “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 six 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”.
With a total funding of $23 Million till now, Zoomcar plans to add over 7000 cars in 15 different cities in next one year.