Bangalore | 21st January 2020: Zoomcar, India’s leading self-drive mobility platform secured an investment of $30mn as part of its $100mn ongoing Series D fund raise led by existing and new global investors including Sony Innovation Fund by IGV. Sony Innovation Fund by IGV is a strong advocate of enabling technologies and foresees mobility becoming a focal point for innovation and new services in the coming decade.
Zoomcar plans to deploy the investment into growth, technology & data science with a strong focus on enhancing an industry leading IoT layout in addition to its shared subscription service. Over the past seven years, Zoomcar has been transforming urban mobility in India. Zoomcar is eyeing at a deeper penetration in the Indian market and owing to superior technology, Zoomcar hasdemocratised accessibility to cars. Zoomcar’s primary target is to have over 1,00,000 vehicles on road in 18-24 months and to continue to empower its customers with better mobility alternatives at scale.
With the growth of shared economy across the globe, subscription-based car ownership is becoming an increasing trend. Zoomcar hits a massive 15,000 car subscription run rate through its shared mobility platform in Q3 last year. With its wide range of tie-ups with multiple automobile players including Nissan, Toyota, Volkswagen and Renault, this feat makes it the third largest automobile player in India in terms of volume moved, just next to Maruti Suzuki and Hyundai Motor India in Q3. Zoomcar has also recently launched India’s first vehicle model agnostic Driver Score feature for the passenger car segment. The AI Powered algorithm with machine learning capabilities tracks the mechanical specs of the car being driven, driving style of the customer and identifies critical events of driving and rates it on a scale of 0-100.