Zoomcar raises $8 million from Sequoia Capital
Zoomcar, a tech startup that provides self-drive cars for rent, has raised $8 million in a venture funding led by Sequoia Capital. Apart from Sequoia, the funding round includes participation from Mohandas Pai, former Infosys CFO and Abhay Jain, Head of Corporate Affairs at Manipal Group, among others. The startup’s early investors that include Empire Angels, FundersClub, Basset Investment Group, and funds advised by Triangle Growth Partners also increased their stakes in the round. Zoomcar had previously raised $3M from the aforementioned investors. The startup said it will invest the funds in expanding to Delhi, Mumbai, Chennai, Hyderabad, Goa and other cities.
The service was started in Bangalore in February 2013 with 7 vehicles at a single location and is the first car rental company in the country to focus exclusively on self-driven cars.
Founded by Greg Morgan and David Back in 2013, Zoomcar was part of Microsoft Ventures Accelerators first Accelerator Plus batch that graduated in May this year. Prior to co-founding Zoomcar, Greg studied at USC’s Marshall School of Business, while David has worked as a consultant at McKinsey & Co and as an investment manager at Goldman Sachs
Shailendra Singh, managing director of Sequoia India, said ZoomCar has built technology to make an incredibly user friendly experience, with all bookings happening through the web or mobile app and had a shot at changing the rules on car ownership in India.