Carsharing marketplace Zoomcar on Monday said it completed a USD 92 million private placement led by New York City-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, a statement said.
Zoomcar intends to use the proceeds from this financing to grow its car sharing marketplace in India and various select markets across Asia and the MENA (Middle East and North Africa) region, it added. The company will continue to invest in its advanced engineering and data science platform enabling it to strengthen its market leadership in global car sharing, it added.
The company expects to increase investments across IoT (Internet of Things), machine learning, and computer vision related applications to further transform its user experience, the statement said. Zoomcar also expects to significantly strengthen its enterprise software offerings to OEMs and insurance companies. Zoomcar, a dominant car sharing platform in India, has recently expanded across Southeast 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,” Zoomcar co-founder and CEO Greg Moran said. Zoomcar had launched India’s first car sharing platform in 2013, and has approximately 10,000 cars on its platform. The platform allows individuals to rent from a diverse pool of cars by the hour or by the day.
Headquartered in Bengaluru, Zoomcar employs over 300 people and operates in over 50 cities. In 2020, Zoomcar launched Zoomcar Mobility Services, the company’s enterprise SaaS based mobility solutions offering covering white-labelled subscription services and IoT-based driver behaviour monitoring solutions.
“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,” SternAegis Ventures CEO Adam Stern said.