ArabFinance: Zoomcar, the world's largest emerging market focused car sharing marketplace, is looking to double its investments in Egypt to $50 million in the coming three years, Al Borsa News cited VP and Egypt head Hany Olama.

The India-based firm initially said it would spend $25 million over a three-year period when it launched in Cairo in October.

The car rental startup wants to significantly ramp up its customer base by the end of 2022, reaching 100,000 from 3,500 currently.

The company plans to expand its services to Alexandria in May, before rolling out in South Sinai, the Red Sea, Dakahlia and Gharbia by the end of 2022.

Established in 2013, Zoomcar operates in India, the Philippines, Vietnam, Indonesia and now Egypt. The app provides authorization and ins. for car owners to rent out their vehicles, calculates the cost of rental according to duration and distance of the trip as well as the model and condition of the rental car, and processes payments electronically.

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