Mahindra invests Rs 176 crores in car rental company, Zoomcar
Indian automobile manufacturer Mahindra and Mahindra Ltd. a part of the Mahindra Group is planning to invest up to 176 crores in the self-drive mobility platform Zoomcar.
Mahindra & Mahindra has been planning to invest in sustainable mobility solutions, including multi-modal urban mobility. This also comes under the company’s strategy to invest in the shared mobility space.
Dr Pawan Goenka, the Managing Director of Mahindra & Mahindra Ltd said, “We are confident that this partnership with Zoomcar will help further our vision to transform mobility in the country, thereby creating a more connected ecosystem.”
Greg Moran the Co-Founder & CEO of US based Zoomcar said, “We are incredibly excited to welcome the Mahindra team on board for this next phase of growth, within the Indian self-drive mobility space. He also added ‘Mahindra shares Zoomcar’s vision for multi-modal urban mobility and we look forward to leveraging their diverse platform to help accelerate the transformation to a shared, electric mobility future for India.”
Zoomcar gets the credit of being the first car rental company in India. Zoomcar allows the users to rent cars by the hour, day, week, or month. The company recently introduced car sharing service in India. User can hire cycles for half an hours and more. The service is available only in few parts of the country.
Mahindra recently won an order to supply 1000 e-Verito electric sedans to a Bengaluru-based fleet operator.