Financing positions Zoomcar’s technology enabled car sharing marketplace for rapid global expansion.
Zoomcar, the world’s largest emerging market focused car sharing marketplace, today announced that it successfully completed a $92 million private placement led by New York City based SternAegis Ventures with participation from leading international family offices and institutional investors. SternAegis acted as the exclusive placement agent for this offering and ThinkEquity acted as special advisor. Zoomcar intends to use the proceeds from this financing to grow its car sharing marketplace in India and various select markets across Asia and the MENA region. The Company will continue to invest in its advanced engineering and data science platform enabling it to strengthen its market leadership in global car sharing. It expects to increase investments across IoT, machine learning, and computer vision related applications to further transform its “award winning” user experience. The Company also expects to significantly strengthen its enterprise software offerings to OEMs and insurance companies.
Zoomcar, the dominant car sharing platform in India, recently expanded across Southeast Asia and the MENA region to create a global car sharing platform. This broader geographic expansion is in line with Zoomcar’s ultimate mission to democratize car access across the world’s largest, most populated, and fastest growing emerging markets.
“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”, said Greg Moran, Co-Founder and CEO of Zoomcar.
Adam Stern, CEO of SternAegis Ventures commented, “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.”
Zoomcar launched India’s first car sharing platform in 2013, and today is the dominant market leader in the car sharing ecosystem with approximately 10,000 cars on its platform and a presence across Asia and the MENA region. Zoomcar allows individuals to rent from a diverse pool of cars by the hour or by the day. Headquartered in Bangalore India, Zoomcar employs over 300 people and operates in over 50 cities. 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 behavior monitoring solutions. Uri Levine, the Co-Founder of mobility unicorns Waze and Moovit serves as the Company’s Chairman of the Board.
About SternAegis Ventures
SternAegis Ventures is the management team within Aegis Capital Corp. that is responsible for venture capital and private equity financing.