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2014-11-01

Zoomcar raises $8 million venture funding led by Sequoia Capital

Investors like former Infosys CFO Mohandas Pai and Manipal Group\'s head of corporate affairs Abhay Jain, participated in the round.

Self-drive car sharing company Zoomcar has raised $8 million (about Rs 48 crore) in a funding round led by US-based venture fund Sequoia Capital, as reported by ET.


The Bangalore-based company told ET that several new investors, including former Infosys CFO Mohandas Pai and Manipal Group's head of corporate affairs Abhay Jain, participated in the round.


Many of the company's early backers, such as angel investors Empire Angels, FundersClub and Basset Investment Group, and funds advised by Triangle Growth Partners, also raised their stake in this round. Zoomcar said it will invest the funds in technology, hiring and for launch in new cities over the next one year.


"We look at being the one stop shop for personal transportation. Cities that we have shortlisted to launch include Delhi, Mumbai, Hyderabad, Chennai and Goa." David Back, co-founder, Zoomcar told ET.


The report further stated that Zoomcar has so far raised about $11 million. The company has a fleet of over 250 cars and is present in Bangalore and Pune. Shailendra Singh, managing director at Sequoia India, said Zoomcar has a shot at changing the rules on car ownership in India.

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