Zoomcar raises $11 mn in fresh funding from Sequoia, others

Self-drive car rental company Zoomcar has raised $11 million (around Rs 70 crore) in a Series-B round from Sequoia Capital, Empire Angels and NGP. Sequoia and Empire Angels are the existing investors in the company.

The Bengaluru-based company plans to add new vehicles, continue hiring, and expand their technology and product services with the fund. “This round will allow us to continue our rapid expansion across India, both in terms of vehicles and new cities… We expect to add more than 7,000 cars and launch in 15 more cities in India in a year,” said Greg Moran, Co-founder & chief executive officer, Zoomcar.

The company currently has more than 1,500 cars across 250 pick-up locations. It has presence in six cities, including Bengaluru, Mumbai, Delhi, Pune, Chennai, and Hyderabad. The company has added about 1,000 cars  this  year.

“From the beginning of the year, our revenue has grown by more than three times and bookings have increased in a similar fashion,” added Moran.

It says it had recently added more products like a cost-effective Zoom Commute package for officegoers.

In October last year, Zoomcar had raised $8 million (Rs 49 crore) in a round which was led by Sequoia Capital and participated in by several investors such as former Infosys chief finance officer  T V Mohandas Pai and Abhay Jain of the Manipal Group.