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Self Drive Car Rental Platform Zoomcar Raises Funding From Chinese VC Firm Cyber Carrier

Self Drive Car Rental Platform Zoomcar Raises Funding From Chinese VC Firm Cyber Carrier

Bengaluru-based self-drive car rental venture Zoomcar has raised an undisclosed amount of funding from China-based Cyber Carrier CL. This is an additional fundraise following its $25 Mn Series B round of funding in August 2016.

Greg Moran, co-founder and CEO, Zoomcar said, “We’re thrilled to welcome the Cyber Carrier CL team on board for this next phase of growth in the Indian self-drive space. Customer experience and IoT-enabled product innovation will remain our highest priorities, as we scale ZAP across India in the months ahead and our relationship with Cyber Carrier CL will no doubt help us create a world leading marketplace experience for both our renters and associate owners.”

Zoomcar was founded in 2012 by Greg Moran and David Back. David Back left the company in May 2015. It is a self-drive car rental service which allows users to rent cars by duration.

It offers a membership-based service that allows individuals to rent vehicles on an hourly or daily basis. However, in June 2016, the platform pivoted to a marketplace model, aiming to hit profitability by 2017 by expanding into new markets. It currently operates in Bengaluru, Mumbai, Delhi, Pune, Chennai, Hyderabad and Chandigarh.

In August 2016, it raised $24 Mn in a Series B funding round led by Ford Smart Mobility LLC, a unit of Ford Motor Co. Existing investors Sequoia Capital, Nokia Growth Partners and Empire Angels also participated in the round. CarDekho, Droom and others are similar startups in the space.

The development was reported by ET.
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