Sequoia Capital-backed Zoomcar to triple its fleet in India

The self-drive car company plans to raise fresh round of money to support its mid-term plan

Self-drive car company Zoomcar India Pvt. Ltd is planning to increase its fleet to 3,000 cars and expand its business to 10 cities. 

The firm backed by Sequoia Capital, Mohandas Pai and others also said it would look at raising money to support its target of having 25,000 fleets in the next 3-4 years.

The company is also contemplating to enter into two-wheeler space.

Greg Moran, chief executive officer, Zoomcar, who was in Chenani to announce company's service here, said that currently the company has a fleet size of 1,000 set a target to triple it to 3,000 and in the next three to four years it want to increase it to 25,000.

Majority of the fleets are owned by the company, while the balance are attached and leased, said Moran, adding that the existing fleet includes 40 Benz.

The company which currently operating at Bengalaru, Pune and Delhi set a target to add 10 more cities in the coming year.

Zoomcar, which was founded by David Back and Greg Moran in 2013, has raised around $11 million from investors such as Sequoia Capital, SVB India (now InnoVen Capital India), Mohandas Pai and others has said that to support its investment (to increase the fleet) it will go for another round of fund raising.

Moran declined to put any number for the proposed fund raising. While he also declined to share number of logs which company reports in the existing cities, where it operates currently, sources and reports stated that in these three cities it logs close to 15,000 bookings per month.

Zoomcar India, a fully owned subsidiary of US-based Zoomcar Inc, did not disclose its revenues. However, it said it is expecting to triple its revenue from the current level.

US-based ZipCar, Zoomcar allows its users to book a car, make the payment (only through debit or credit cards), locate the vehicle and even unlock it with the help of a single app without the help of any executive.

Zoomcar India currently has 100 pick-up points, which include airports, hotels and large apartment buildings. The company takes a security deposit of Rs 5,000 from the customers.

"We are not like Ola or Uber," said Moran, claiming that if his company deploy one car on the road, it translates to pulling out 17 cars from the road.

On the Chennai operation, he said that this city will be the fourth for the company, where it launched its service. Soon it will have 100 vehicles in this city.