Car sharing startup Zoomcar on monday said it has raised $92 million in an exceedingly non-public placement LED by New York-based SternAegis Ventures with participation from international family offices and institutional investors.
SternAegis acted because the exclusive placement agent for this providing and ThinkEquity acted as special authority.
How Will Zoomcar Utilize The Funds?
the car sharing company intends to use the issue from this funding to grow its automobile sharing marketplace in Bharat and markets across Asia and therefore the MENA region.
It same it’ll still invest in its advanced engineering and knowledge science platform enabling it to strengthen its market leadership in world automobile sharing.
It expects to extend investments across IoT, machine learning, and laptop vision connected applications.
The company additionally plans to considerably strengthen its enterprise software package offerings to original instrumentality manufacturer (OEMs) and insurance firms.
The car sharing company recently dilated across South-East Asia and therefore the MENA region to form a worldwide automobile sharing platform.
“This eminent crossover funding may be a milestone for Zoomcar as we have a tendency to enter consecutive part of our international growth and position the corporate to enter the general public equity markets”, same Greg Moran, co-founder and chief officer (CEO) of the car sharing company.
Adam Stern, CEO of SternAegis Ventures commented, “the car sharing company sits at the intersection of many powerful world trends across urban quality.
At SternAegis, we’re delighted to support the spectacular Zoomcar team in fulfilling their vision of making the simplest automobile sharing expertise across the world’s quickest growing, most dynamic markets.”
Zoomcar launched India’s initial automobile sharing platform in 2013, and these days has close to ten,000 cars on its platform and a presence across Asia and therefore the MENA region. Zoomcar permits people to rent from a various pool of cars by the hour or by the day.
