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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

T E Narasimhan  |  Chennai 

automobile
Representative image

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

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 invested $40 million in self-drive car company

Toyota Tsusho Corporation, the trading arm of Toyota Group, invested around $30 million in Droom Technology, the operator of India's largest online automobile marketplace by co-leading Series D fundraising of the company. The firms also concluded a pact on the overseas expansion of the used car and business.

First Published: Tue, March 19 2019. 22:34 IST
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