Zoomcar raises $92mln to expand its car marketplace

ArabFinance: Zoomcar, the India-based car rental startup, has successfully raised $92 million in a sale of shares or bonds to pre-selected investors and institutions, according to the companys emailed press release.

The raise was 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 will use the fresh capital injection to expand its car-sharing offering across India and expand into select markets in Asia, the Middle East and North Africa (MENA).

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 plans to invest more than $100 million across Southeast Asia in the next two or three years, but that number could grow as Zoomcar looks to bulk up its presence in the region.

Established in 2013, Zoomcar is the world's largest emerging market focused car sharing marketplace. The company 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.