The Hindu Business Line
Zoomcar aims to close $500-m funding deal
Mobility platform Zoomcar is likely to raise $500 million in this quarter from existing and new investors.
Greg Moran, CEO, Zoomcar, told BusinessLine: “This will be equity plus structured debt that will be totalled around $500 million. We will have a number of global financial partners joining this round.”
He added that the company is looking to close the funding round by May-June.
The company will use the investment to expand its operations across the country. Zoomcar did not name the investors expected to participate in this round. It is also expected to use the funds to ramp up specific areas such as the company’s ZAP car subscription service and micro-mobility services.
According to Zoomcar, with over 2,000 subscriptions in March, ZAP Subscribe is twice as large as the largest car dealership in the country.
Moran said the company aims to grow this number by 10 times this year.
With regard to micro-mobility, Zoomcar will look at using all available options — electric bikes, electric scooters, and cars — to be a ‘onestop shop’ service provider, he added.