Bangalore based ZoomCar raises Rs. 48 crore from Sequoia Capital

Saturday 01 November 2014, 08:00 AM by

ZoomCar, a Bangalore based car rental venture that is backed by former US treasury secretary and economist Larry Summers, has raised $8 million (Rs 48 crore) from Sequoia Capital. Existing investors like FundersClub, Empire Angels, Basset Investment Group and funds advised by Triangle Growth Partners have also reportedly joined the latest round of funding in the two-year-old startup.

The group is reportedly planning for expansion in three other cities and is likely to add about 1,500 - 2,000 cars to its existing fleet in about a couple of months time. Speaking more on the occasion, David Back, co-founder of ZoomCar said, “We are deploying funds for technology development and to double our headcount to 100 people in the next few months. We are investing heavily in technology , including tech that will allow customers to unlock the car using our app and find the car keys in the drawer box, and provide a seamless experience with no paperwork.”

Greg Moran and Back have been the founders of the self-drive car rental project. The technology built by ZoomCar has a very user friendly pattern, wherein it allows users to book over the Internet or a mobile app. Speaking more on it, Shailendra Singh, Managing Director of Sequoia India said, “We think they have a shot at changing the rules on car ownership in India.”

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