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...