Zoomcar has announced that it has raised $92 million in Series E round led by SternAegis Ventures and with participation from international family offices and institutional investors.
The proceeds will be used by Zoomcar to grow its car sharing marketplace in India and various select markets across Asia and the MENA (Middle East and North Africa) region, it added. The company will also invest in its advanced engineering and data science platform enabling it to strengthen its market leadership in global car sharing.
The company is planning to invest in technologies like IoT (Internet of Things), machine learning, and computer vision related applications to further transform its user experience. Zoomcar also expects to significantly strengthen its enterprise software offerings to OEMs and insurance companies.
Zoomcar, a dominant car sharing platform in India, has recently expanded across Southeast Asia and the MENA region to create a global car sharing platform. "This successful crossover financing is a milestone for Zoomcar as we enter the next phase of our international growth and position the company to enter the public equity markets," Zoomcar co-founder and CEO Greg Moran said.
In 2020, Zoomcar launched Zoomcar Mobility Services, the company's enterprise SaaS based mobility solutions offering covering white-labelled subscription services and IoT-based driver behaviour monitoring solutions. "Zoomcar sits at the intersection of several powerful global trends across urban mobility. At SternAegis, we're delighted to support the impressive Zoomcar team in fulfilling their vision of creating the best car sharing experience across the world's fastest growing, most dynamic markets," SternAegis Ventures CEO Adam Stern said.
