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Car Rental firm Hertz files for bankruptcy

23May By PriyankaNo Comments

News

Car Rental firm Hertz files for bankruptcy

ESTERO, Fla., May 22, 2020-- Car rantel firm Hertz today announced that its U.S. and Canadian subsidiaries have filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the Company's revenue and future bookings. Hertz took immediate actions to prioritize the health and safety of employees and customers, eliminate all non-essential spending, and preserve liquidity. However, uncertainty remains as to when revenue will return, and when the used-car market will fully re-open for sales, which necessitated today's action. The financial reorganization will provide Hertz a path toward a more robust financial structure that best po...

16Feb By Sabhyata AgarwalNo Comments

FUNDING

Zoomcar Raises $40 million Funding From Mahindra & Mahindra

The car and bicycle rental company Zoomcar have raised up to Rs 176 crore from Mahindra & Mahindra the Indian multinational car manufacturer. Mahindra & Mahindra (M&M) today said it will invest up to $27.6 million in-car and bicycle rental firm Zoomcar India and Zoomcar Inc, its US incorporated holding parent company. The deal specifies the fact that the investment of such a huge amount of Rs 176 crore when converted to common stock of Zoomcar Inc. ,would constitute approximately 16 per cent stake of the automotive major in Zoomcar Inc. This investment is a part of Series C round of funding worth $40 million (Rs 256 crore) which including the previous investors, the names of which the self-drive car rental startup didn't disclose. The startup ZoomCar was the first in Indi...

Zoomcar to Go International, Bets on Countries in Asia, Africa

12Sep By AdityaNo Comments

News

Zoomcar to Go International, Bets on Countries in Asia, Africa

Zoomcar, Indias first 100 per cent self-drive car rental company, today said it plans to foray into international markets and that it is strongly betting on Zoomcar Associate Program for its next milestone. The company has conducted an in-depth research and has a decent sense of market knowledge in Asia and Africa, Zoomcar CEO and Co-founder, Greg Moran said in a release here today. "Our aim is to be in 20-plus countries in next two-three years. To begin with, our first move would be towards Asia and then eventually get into Africa, which is quite an uncharted market," Moran said in a release here. From the tech point of view, there is a huge opportunity in Africa as few companies have come out with unique innovation, whereas the demographics are like India which again highlights ...

8Dec By PriyankaNo Comments

FUNDING

Shared Car Revv Raises $9 Million Funding From Edelweiss Private Equity, Others

World's first self-drive car rental platform Revv has raised USD 9 million in equity and debt from Edelweiss Private Equity and others. The series A equity funding led by Edelweiss Private Equity and debt funding from financing and leasing partners like Mahindra & Mahindra Financial Services and LeasePlan India, it said in a statement. The fresh capital will be used towards expanding into new cities, launching new products, and building proprietary technology to enhance customer experience, it added. The startup already counts the likes of Gautam Kumra (recently elected India MD of McKinsey & Company), Rajat Dhawan (Mentor to McKinsey's automotive practice) and Ananth Narayanan (Myntra CEO) as its angel investors. sms финанс займзайм под залог птс барнаулонлайн займ 24...

8Nov By AnkitaNo Comments

FUNDING

Mumbai Based Car Rental Startup Justride Raises 20 Crore Funding From Y Combinator

Mumbai Based Car rental startup JustRide raises 20 Crore (about $3 million) funding from global investors, including Y-Combinator partners. Justride will use funding for expanding the company's car-sharing platform JustConnect and developing Yabber, an IoT device that works on connected car technology and data analytics to analyze the driving skills of the customers. "A vast majority in India do not have access to personal transport, presenting an extensive market for car rentals. The challenge is to build a sustainable car-sharing model to cater to the average urban commuters, while keeping in mind the interests of the car owners, who have a depreciating asset that is their car and does not get any return on it," said Ashwarya Singh, chief executive officer and co-founder, JustRide. ...

26Aug By NitishNo Comments

FUNDING

Zoomcar Raises $24 Million Fresh Funding From Ford Motor

Zoomcar, a Bengaluru-based self-drive car rental company raises $24 million (about Rs 160 crore) funding led by Ford Smart Mobility, a subsidiary of Ford Motor Company. Existing investors Sequoia Capital, Nokia Growth Partners (NGP) and Empire Angels also participated in the round. Zoomcar, which competes with Carzonrent and JustRide, lets users rent cars by the hour or day. It hopes to reach a fleet size of 25,000 in 25 cities by 2018. "We are at an inflection point. Currently, we have 2,000 cars with a presence in 7 cities. We are planning to launch in Kolkata soon and go to more tier-2 cities and penetrate deeper in existing cities," said Greg Moran, who moved from New York to Bengaluru in 2013 to start Zoomcar. This is Ford's first such investment in India. It has been Zoomca...