Self Drive Car Rental Startup Zoomcar Raised Funding From Chinese Venture Capital Firm Cyber Carrier CL

Self Drive Car Rental Startup, Zoomcar, has raised an undisclosed amount from Chinese venture capital firm Cyber Carrier CL as an extension of its Series B round, the company said in a statement.

Zoomcar claims to have more than 2,500 cars on its platform, a mix of its own fleet and those sourced through the associate programme—in 14 cities, including Bengaluru, Mumbai, Delhi, Pune, Chennai and Chandigarh

Self driving car rental startup Zoomcar offers both inter-city and intra-city trips.

Self Drive Car Rental Startup - Zoomcar

Self Drive Car Rental Startup – Zoomcar

The company has raised around US $45 million from Sequoia Capital, Empire Angels, Nokia Growth partners, T.V. Mohandas Pai (chairman of Manipal Global Education) and Abhay Jain (adviser at Manipal Group), among others so far.

Self Drive Car Rental Startup Zoomcar was founded in 2012 by Moran and David Back, who quit the company in May last year and returned to the US, citing personal reasons.

“Our investment team is quite familiar with similar models in China and the US. Based on the company’s data and financial model, we believe Zoomcar will accelerate on the path of rapid growth and expansion,” said Jessica Wong, Managing Partner of Cyber Carrier CL.

“Customer experience and Internet of Things-enabled product innovation will remain our highest priorities as we scale Zoomcar Associate Programme in the months ahead and our relationship with Cyber Carrier CL will no doubt help us create a world leading marketplace experience for both our renters and associate owners,” co-founder and chief executive Greg Moran said in a statement.

 

Founded early this year, Cyber Carrier has an active focus in India and has made a number of investments. It recently invested in lending platform IndiaLends . Its first investment in India was student loan platform Krazybee.

Other players in the same self driving car rental segment are CarzonRent and JustRide etc.