Indian car rental startup banks $92m

Zoomcar, an India-based car rental startup, has raised US$92 million in a private placement – a sale of shares or bonds to pre-selected investors and institutions.

More funding details

• Lead investor: SternAegis Ventures
• Returning investors: Family offices and institutional investors
• Stage: Unspecified

More company updates

• Zoomcar will use the proceeds from the fundraise to grow its car-sharing marketplace in India, and other select markets across Asia, the Middle East, and North Africa.
• The company will also invest in its engineering and data science platform, and expects to ramp up investments across the internet of things, machine learning, and computer vision-related applications.
• Zoomcar also expects to develop its enterprise software offerings for original equipment manufacturers and insurance companies.
• The firm is also set to open a new office in San Francisco ahead of its planned US listing. It has already expanded into Southeast Asia and West Asia.
• Zoomcar plans to invest over US$100 million in Southeast Asia in the next two to three years. But that number could grow significantly over time as the firm looks to “dramatically ramp up” its presence in the region. (Read: Indian car rental startup Zoomcar plans $100m bet in Southeast Asia)

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.