Bengaluru-based Zoomcar, a self-drive mobility platform, has raised $30 million as part of its ongoing $100 million Series D round, led by existing and new investors including Sony Group’s venture arm Sony Innovation Fund by IGV.
Sony Innovation Fund by IGV invests in emerging technologies with specific emphasis on mobility being a key ground for innovation in the coming decade.
Zoomcar has said it plans to deploy the investment into growth, technology, and data science to develop an industry-leading Internet of Things (IoT) capability for its vehicle subscription service.
“Over the past seven years, Zoomcar has been transforming urban mobility in India. Zoomcar is eyeing a deeper penetration in the Indian market and owing to superior technology, Zoomcar has democratized accessibility to cars,” the company said in a statement.
Zoomcar’s key aim is to have over 1,00,000 vehicles on road in 18-24 months and empower customers with better mobility alternatives at scale.
The growth of the sharing economy has led to increased adoption of subscription-based car ownership.
Zoomcar claims a 15,000-car subscription run rate through its platform in the third quarter last year.
It has tie-ups with multiple automobile players including Nissan, Toyota, Volkswagen, and Renault. The startup says this makes them the third-largest automobile player in India in terms of volume moved, just next to Maruti Suzuki and Hyundai Motor India in Q3.
Zoomcar recently launched an AI-powered algorithm to track the mechanical specs of the car being driven, driving style of the customer, and thus identifies critical events of driving and rates it on a scale of 0-100.
Headquartered in Bengaluru, Zoomcar has a team of over 250 people and operates in over 45 cities across India.
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