Aditya Hadi Pratama · · 2 min readZoomcar to pump $25m into Philippine launch
Zoomcar, an India-based car rental startup, has announced that it will launch its operations in the Philippines. The company plans to invest US$25 million in the next 12 months to fuel its expansion in the country.
The startup has picked Gene Angelo Ferrer, the former country manager of logistics firm MrSpeedy, as its country head.
Zoomcar CEO Greg Moran / Photo credit: Zoomcar
Earlier this month, the firm launched its operations in Vietnam. This rollout is part of its US$100 million expansion plan into the Southeast Asian market for the next two or three years.
See also: Indian car rental startup Zoomcar plans $100m bet in Southeast Asia
The car rental firm will start its Philippine operations in Metro Manila, and it is set to launch in Cebu and Davao next year. The company plans to cover 20 cities in the country by 2023.
Zoomcar aims to have 1,000 cars available for rent in the Philippines by January 2022, which will be scaled to 20,000 cars by the end of that year. In order to reach those figures, it will partner with individual car owners and small and medium-sized enterprises that have multiple vehicles.
The company was founded by Greg Moran and David Back in 2013, with Back exiting the firm in 2015. Besides Southeast Asia, Zoomcar has also established operations in Egypt.
The aggressive expansion into other countries comes ahead of the company’s plans to go public in the US by around August next year. Zoomcar is looking to raise a “nine-digit million number” in US dollars from its listing.
Editing by Collin Furtado and Lorenzo Kyle Subido
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