Zoomcar Infuses $5 Mn In Its Business, Looks To Raise More

  • Bengaluru-based rental car service, Zoomcar, has raised $4.8 Mn from its US-based parent company Zoomcar Inc.
  • This news came a month after it raised $7 Mn (INR 55.7 Cr) mix of debt and equity from its US-based parent entity Zoomcar Inc and WeWork India head Karan Virwani.
  • According to a Ministry of Corporate Affairs (MCA) filing of December 2 accessed by Inc42, 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.
  • INR 48.47 Cr ($6 Mn) to the parent entity for INR 4,956 ($69) per share on October 4.

Read full article: inc42.com