Zoomcar

Self-drive car-sharing platform Zoomcar on Friday said it has raised USD 9.15 million (about Rs 76 crore) from institutional investors. The proceeds will be used for repayment of approximately USD 3.8 million in debt and the remaining amount for general corporate purposes and working capital needs. In connection with the private placement, the company said it issued an aggregate of 2,137,850 units, with each unit sold at an effective price of USD 4.28 per unit and consisting of one share of common stock, two Series A warrants, each exercisable for one share of common stock at an initial exercise price of USD 4.03 per share. "This resulted in the issuance of Series A warrants exercisable for an aggregate of up to 4,275,700 shares common stock, and one Series B warrant at an exercise price of USD 0.0001 to purchase such number of shares of common stock," it added. The Series A warrants have a term of 5 years, and the Series B warrants are exercisable until exercised in full, Zoomcar

The improvement in adjusted Ebitda was attributed to cost optimisation efforts driven by technology and product enhancements

Self-drive car-sharing platform Zoomcar on Friday said it has launched its first fulfilment centre in Chennai and plans to add more than 100 such centres this year. As part of the expansion, the company said, it is also looking to add 1,000 new cars on the platform by December this year. Operated by a third-party operator, such facilities manage end-to-end operations of car listings on behalf of the hosts who want to earn by sharing their cars but find it challenging to do it themselves, Zoomcar said. The company said leveraging its over decade-old experience in the car sharing business, it helps these fulfilment centres by providing services to guests. Hosts pay a nominal fee to get an array of services from these centres like managing their car, regular cleanliness, safe and secure parking space at top locations in hot spots, delivery and pick up of cars to customers and service centres, among others. Cars managed through the fulfillment center are tagged as "Assured by Zoomcar"

Self-drive car sharing platform Zoomcar Holdings on Thursday said it has partnered with Air India Express to allow customers to book self-drive cars directly from the airport on the airline's mobile app as well as the website in 19 cities. The collaboration also caters to the customer with varying requirements, leveraging the extensive fleet options and ensuring ample space for baggage carried through Air India Express's add-on packs such as carry-on-Xtra, international connecting baggage, and special equipment, Zoomcar said in a statement. This collaboration will offer the customer access to self-driven car rentals in Bengaluru, Bhubaneswar, Chennai, Delhi, Goa, Guwahati, Hyderabad, Indore, Jaipur, Kolkata, Kochi, Lucknow, Mangaluru, Madurai, Mumbai, Pune, Tiruchirappalli, Vijayawada and Visakhapatnam, it said. "We're focused on providing improved and personalised travel experiences for our guests at Zoomcar, and our partnership with Air India Express is another stepping stone ...

Car sharing marketplace Zoomcar and EaseMyTrip on Tuesday announced a partnership allowing users to book self-drive cars on the latter's online travel platform. With this partnership Zoomcar's wide range of self-drive cars has been seamlessly integrated into the EaseMyTrip platform, allowing users to book their preferred Zoomcar directly from the EaseMyTrip app offering travellers convenience and flexibility in planning their journeys, the two companies said in a statement. EaseMyTrip users will now have access to Zoomcar's fleet of over 25,000 cars, spanning a diverse range of models from hatchbacks to sedans to SUVs like Kia Carens, Hyundai Creta, Tata Nexon, and MG Astor, among others, it added.

The firm said that net revenue declined due to lower number of days booked, resulting in decreased gross billings as Zoomcar prioritised higher-margin bookings in support of its cost reduction efforts

Car sharing platform gets 90% of its business in India, went public last week

The collaboration aims to promote Tata Power's EZ Charge points on the Zoomcar platform and will focus on supporting existing and aspiring EV owners along with Zoomcar's existing customers

Car sharing platform Zoomcar on Wednesday announced its partnership with Vistara, a joint venture of Tata group and Singapore Airlines, to become its self-drive partner

Domestic car sharing marketplace Zoomcar announced the appointment of Naveen Gupta as Vice President and Country Head for India

Car sharing platform Zoomcar on Friday said it has inked a merger agreement with Innovative International Acquisition Corp and subsequently become a publicly listed entity on Nasdaq. The transaction values the combined company at around USD 456 million. Upon closing of the transaction, the combined entity will be renamed Zoomcar Holdings, Inc and expects to list its common stock on Nasdaq. Founded in 2013, Zoomcar currently operates across more than 50 cities globally. It has over 3 million active users and over 25,000 vehicles registered for use on its global car-sharing marketplace. "Zoomcar's car-sharing marketplace is positioned to cut across emerging markets, and we expect to target future expansion opportunities in markets, which include SE Asia, Latin America, MENA, and Sub-Saharan Africa," Zoomcar Co-Founder and CEO Greg Moran said in a statement. The entity sees a vast addressable market, totalling around USD 90 billion annually by 2025, he added. Innovative Internation

Zoomcar operates a marketplace for private vehicles, with owners making their cars available on the platform and users able to rent them by the hour, day, week or month

Car sharing platform Zoomcar said it expects to achieve profitability in India by this calendar year-end, on the back of strong organic growth

Domestic car sharing marketplace Zoomcar on Friday announced to elevate Nirmal NR as the CEO for India market.

India currently possesses one of the lowest private car utilisation rates in the world, said the company

Carsharing marketplace Zoomcar on Monday said it completed a $92 million private placement led by New York City-based SternAegis Ventures

Automaker Nissan India on Monday said it has tied up with Zoomcar and Orix for its vehicle subscription programme. The Nissan Intelligent Ownership model is currently available in Delhi NCR, Bangalore, Chennai, Mumbai, Hyderabad and Pune. "Customer's lifestyle is progressively evolving and this initiative by Nissan, Zoomcar & ORIX empowers the customer on being asset-lite with strong saving potential," Nissan Motor India Managing Director Rakesh Srivastava said in a statement. The Nissan Intelligent Ownership subscription plan covers all maintenance costs including scheduled and unscheduled repairs, tyre and battery replacement, 24x7 roadside assistance, cost of paperwork, zero depreciation insurance, registration fee, road tax and RTO expenses. It also comes with a FASTag, standard accessories and pick-up and drop facility. Zoomcar CEO & Co-Founder Greg Moran said the company is delighted to partner with Nissan Motor India and ORIX to offer flexible subscriptions as an ...

Car sharing marketplace Zoomcar on Tuesday said it has opened an office in San Francisco ahead of its US listing next year. The new office in the US will further bolster Zoomcar's push to create a global car-sharing platform and prepare the company for its broader global marketplace, a statement said. "Recently appointed CFO Geiv Dubash based in San Francisco will be instrumental in helping Zoomcar with future capital markets transactions, including potential listing in public markets," it added. Zoomcar has expanded to Southeast Asia and the Middle East. Last month, Zoomcar had announced the launch of its operations in Indonesia and Vietnam. At Zoomcar, we're focused on becoming a public company in the next 12 months. As we continuously evaluate the best possible alternatives for a public listing, our new office in San Francisco will help the company for this next phase of growth as we expand the platform and brand globally," Zoomcar CEO and co-founder Greg Moran said. He added t

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