As part of its strategy to promoter and participate in sustainable mobility solutions
Mahindra & Mahindra announced that it would be investing in Zoomcar India and in Zoomcar Inc. its US incorporated holding parent company in keeping with the Mahindra's thrust on the shared mobility business.As part of the deal, Mahindra Group will invest Rs 176 crore in Zoomcar India or Zoomcar Inc. which on an as converted to common stock of Zoomcar Inc on a fully diluted basis, would constitute approximately 16% stake in Zoomcar Inc.
Earlier in 2017, Mahindra and Zoomcar announced a partnership to introduce electric vehicles into the share mobility space.
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