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Zoomcar to raise $25 mn from Ford, Reliance

This is Ford's first invesment in the Indian start-up space

Zoomcar to raise $25 mn from Ford, Reliance

Zoomcar is on the brink of closing a round which will see a capital influx of $25 million, sources close to the deal said. Ford Smart Mobility, Reliance Venture Asset Management and Sequoia Capital will participate in the Series C round. The company had raised $11 million last year. This is Ford’s first investment in India. The company will flush in $15 million with the remaining $10 million split between Sequoia and Reliance. The car rental start-up, sources said, currently is on track to record a revenue of $25 million and is on the path to being profitable in several of its ...