The Zoomcar driverless platform raises $ 30 million
CHENNAI: Bengaluru-based Zoom car , a self driven Mobility platform has raised $ 30 million as part of its current $ 100 million Series D round, led by existing and new investors, including the Sony Group's innovation fund, Sony Innovation Fund by IGV.
The IGV Sony Innovation Fund invests in emerging technologies with specific emphasis on mobility as a key ground for innovation in the next decade.
Zoom car has said it plans to deploy the investment into growth, technology and data science to develop an industry-leading Internet of Things (IoT) capability for its vehicle subscription service.
"Over the past seven years, Zoom car has been transforming urban mobility in India. Zoom car is eyeing a deeper penetration in the Indian market and owing to superior technology, Zoom car has democratised accessibility to car s," the company said in a statement.
Zoom car ’s key aim is to have over 1,00,000 vehicles on road in 18-24 months and empower customers with better mobility alternatives at scale.
The growth of the shared economy has led to greater subscription based adoption car property.
Zoom car claims a 15,000- car subscription run rate through its platform in the third quarter last year.
It has links with multiple car players, including Nissan, Toyota, Volkswagen and Renault. the start up He says this makes them the third largest car player in India in terms of volume moved, right next to Maruti Suzuki and Hyundai Motor India in the third quarter.
Zoom car recently launched an AI-powered algorithm to track the mechanical specs of the car being driven, driving style of the customer, and thus identifies critical events of driving and rates it on a scale of 0-100.
Headquartered in Bengaluru, Zoom car has a team of over 250 people and operates in over 45 cities across India.