Car sharing startup Zoomcar on Monday said it has raised $92 million in a private placement led by New York-based SternAegis Ventures with participation from international family offices and institutional investors.
SternAegis acted as the exclusive placement agent for this offering and ThinkEquity acted as special advisor.
Zoomcar intends to use the proceeds from this financing to grow its car sharing marketplace in India and markets across Asia and the MENA region. It said it will continue to invest in its advanced engineering and data science platform enabling it to strengthen its market leadership in global car sharing.
It expects to increase investments across IoT, machine learning, and computer vision-related applications.
The company also plans to significantly strengthen its enterprise software offerings to original equipment manufacturer (OEMs) and insurance companies.
Zoomcar recently expanded across South-East Asia and the MENA region to create a global car sharing platform.
“This successful crossover financing is a milestone for Zoomcar as we enter the next phase of our international growth and position the company to enter the public equity markets”, said Greg Moran, co-founder and chief executive officer (CEO) of Zoomcar.
Adam Stern, CEO of SternAegis Ventures commented, “Zoomcar sits at the intersection of several powerful global trends across urban mobility. At SternAegis, we’re delighted to support the impressive Zoomcar team in fulfilling their vision of creating the best car sharing experience across the world’s fastest growing, most dynamic markets.”
Zoomcar launched India’s first car sharing platform in 2013, and today has approximately 10,000 cars on its platform and a presence across Asia and the MENA region. Zoomcar allows individuals to rent from a diverse pool of cars by the hour or by the day.
Source: Mint