Ford Invests $24 Million in Indian Car Rental Company Zoomcar
Photo Courtesy of Ford Motor Co.
Indian-based self-drive car rental company Zoomcar has found another investor, as Ford Smart Mobility—a subsidiary of Ford Motor Company—has contributed $24 million in funding.
According to the Times of India, Ford was already Zoomcar's largest supplier of vehicles, and the two companies have been working together since Ford became the original equipment manufacturer partner of Zoomcar in 2013.
Zoomcar allows customers to rent cars by the hour or day, and is in competition with other brands such as Carzonrent and JustRide. Existing investors in Zoomcar also include Sequoia Capital, Nokia Growth Partners and Empire Angels.
The self-drive car rental company hopes to reach a fleet size of 25,000 vehicles in 25 cities by 2018. As of now, Zoomcar has 2,000 cars in seven cities, but the company has started to allow customers to rent their vehicles as part of Zoomcar's inventory.
Ford Asia Pacific mobility director John Larsen said his brand is looking to expand its business and become both an auto and mobility company. Working internationally with Zoomcar is a natural step toward achieving Ford’s goals.
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