Car rental service startup Zoomcar raises $4.8 million from US-based parent firm – The Indian Wire

  • Zoomcar , a car rental service platform, has secured $4.8 million (approx INR 34 crore) from its US-based parent company Zoomcar Inc, reported Inc42 .
  • As per the sources, Zoomcar Inc bought 70,402 equity shares of Zoomcar for INR 34,96,16,334 ($4.8 Mn) at a premium amount of INR 4,956 on November 8, 2019.
  • Zoomcar’s cofounder and CEO Greg Moran said that the company was looking to raise $500 million.
  • Whereas, in FY18, it reported a revenue of ₹158 crore, which is 32 per cent higher than the ₹120 crore it reported in FY17.

Read full article: theindianwire.com