Mahindra to invest Rs. 176 crores in Zoomcar self driving car platform

Mahindra to invest Rs. 176 crores in Zoomcar self driving car platform

Mahindra has announced that it will pump in the self-driving platform, Zoomcar India and its parent Zoomcar Inc. With the new investment, Mahindra would hold approximately 16% stake on fully diluted basis in the Zoomcar Inc.

The investment comes in the wake of Mahindra’s strategy to promote sustainable mobility solutions, including multi-modal urban mobility. Zoomcar is India’s largest shared vehicle self-driven platform that has various schemes and lease plans in India.

Mahindra and Zoomcar have an existing partnership that formed in 2017. Mahindra announced the partnership to introduce electric vehicles in the shared mobility space. Zoomcar recently launched Mahindra e2O Plus electric hatchback in various cities of India including Mysore, Bangalore, and Hyderabad. Mahindra plans to add another 500+ electric vehicles in more than 20 cities across India in the first half of 2018.

Speaking on the development, Dr Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd mentioned,

“At Mahindra, we are playing a pioneering role in the shared mobility business and are looking forward to an impetus in it through this investment in Zoomcar. We are confident that this partnership with Zoomcar will help further our vision to transform mobility in the country, thereby creating a more connected ecosystem”.

Greg Moran, Co-Founder & CEO, Zoomcar said,

We are incredibly excited to welcome the Mahindra team on board for this next phase of growth, within the Indian self-drive mobility space.  Our collaboration with Mahindra dates back to 2013 when we first kicked off in Bangalore.  Most importantly, Mahindra shares Zoomcar’s vision for multi-modal urban mobility and we look forward to leveraging their diverse platform to help accelerate the transformation to a shared, electric mobility future for India”.

Zoomcar also started a new subscription service in India, which is first of its kind. There are various Ford and Mahindra cars among other vehicles available for leasing under the new scheme. Earlier, Ford also invested in Zoomcar.

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