Automakers invest around $491 million in Indian start-ups in 2018

Firms also concluded a pact on the overseas expansion of the used car and motorcycle marketplace business

Automobile manufacturers have invested around $491 million in 2018 in Indian automobile industry start-ups, led by Essel Green Mobility's investment of $300 million into Bengaluru-based on-demand AC bus service provider Zipgo, according to market intelligence firm Venture Intelligence. 

There were 13 investments during the year. In 2018, Taiwanese two-wheeler manufacturer Kwang Yang Motor, known as Kymco, invested $65 million in Gurugram-based electric two-wheeler maker Twenty Two Motors, while auto major Mahindra and Mahindra invested $40 million in self-drive car company Zoomcar. 

Toyota Tsusho Corporation, the trading arm of Toyota Group, invested around $30 million in Droom Technology, the operator of India's largest