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India: Zoomcar set to raise $50 million from Mahindra & Mahindra and Ford

The shared mobility space in India is expanding gradually. The ride-hailing sector in India is dominated by Uber and Ola but as the market is maturing the other players are also entering the space and are trying to find a place in this sector.

According to some media reports that Bangalore based car rental startup Zoomcar is set to raise $50 million (Rs 318 crore) from Indian automaker Mahindra & Mahindra and Ford Smart Mobility, the startup investment arm of global automaker Ford Motor Company.

 zoomcar-telematicswireThe startup founded by Greg Moran and David Back in 2012 has so far raised around $60 million with Ford, Sequoia Capital and former CFO and HR head of Infosys TV Mohandas Pai being the prominent investors in the company. When the above-mentioned deal finalizes it would increase the valuation of the startup to around $200 million.

Recently Mahindra&Mahindra and Ford entered into a strategic alliance under which both the companies are working together in the field of shared mobility, connected cars and other advanced vehicle technologies. The timing of the investment is thus being seen as part of the plan of the companies to expand into the shared mobility space in the country.

It is also known that Zoomcar and Mahindra & Mahindra have a partnership under which the startup is promoting the automaker’s electric vehicle offering e2o on its platform. It is also being speculated that Ford is interested in acquiring the startup. However, these are just speculations and the companies have not clarified anything on this.

 

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