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Self-driving car rental Zoomcar raises $92M: 5 things to know about India’s mobility brand

Zoomcar
Image credits: Zoomcar

The concept of rented self-drive cars did not take a long time to take off in India. The car-sharing marketplace Zoomcar based in India recently hit the headlines as it has picked up $92 million in a funding round.

New York City-based SternAegis Ventures that led its Series E funding round led the recent round, too, along with participation from international family offices and institutional investors. It will be used to fuel the expansion plans of Zoomcar to new countries and explore the public markets in 2022. While India is its biggest market, the company operates in Southeast Asia and the MENA regions.

The car-sharing marketplace eyes to use the fresh funds to expand the marketplace in over 20 countries in the next 18 months.

From America to India

Zoomcar was founded by American duo David Back and Greg Moran, who met while studying at the University of Pennsylvania. Having graduated in 2007, they attended business school with Moran at the University of Southern California and Back at the Judge Business School at Cambridge University. However, they dropped out of business school to move to India and start a venture in car rentals.

While Zoomcar was founded in 2013, Back resigned from the company that disrupted the self-drive car rental industry and moved to the US, citing personal reasons.

Redefines personal mobility

Basically, Zoomcar lets you rent cars for a few hours, days, weeks or months. It has a fleet of over 10,000 cars on its platform. The company works with individuals, SMEs operating fleets and semi-professionals that have a few cars to source on its marketplace.

Zoomcar allows you to rent a car for your next vacation without the worry of paying for EMI, insurance or bothering about the RC. All you need to do is just pay the right taxes.

Offers shared subscription

In addition to driving a car via Zoomcar, you can also save money using the same. When you are not using a Zoomcar, you can share it with other Zoomcar users and save a whopping 70 percent of your monthly subscription fee. You can easily share the car you have subscribed to by listing the car on the Zoomcar platform via the subscription app.

Doing so, you will be informed whenever your car gets a booking. Those who have booked your car will take it for the stipulated time and return it back to you. The savings you earn will be adjusted to your monthly fee.

Includes one time fuel

Zoomcar can be rented for as long as you want and there will be one-time fuel included with its cost. Mostly, you will get the car with a 90 percent full tank. Also, there is no condition that you have to refill the tank to the same level while returning the car.

There is a wide range of cars available for purchase on Zoomcar. You can choose your favourite vehicle from hatchbacks to SUVs that you can drive around.

How Zoomcar works?

If you are interested in renting a car, then here’s how Zoomcar works.

Firstly, you need to choose the car from the company website or app and book it. Now, upload your driver’s license and pay a meagre amount as the security deposit. You will get an SMS with the car details 20 minutes ahead of the pickup.

To unlock the car, you need to use the Zoomcar app. Fill the start checklist on the Zoomcar website or app of the company and collect the keys from the cars’ glove box. That’s, the Zoomcar is yours until you are done and return it from the same location. Now, you need to fill the end checklist to end the drive.

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