Mahindra & Mahindra Limited will invest Rs 1.76 billion in Zoomcar India Private Limited and its holding company Zoomcar Inc. in the US. The total investment would constitute about 16% stake in Zoomcar Inc. Zoomcar is India’s first self-drive mobility platform, with the introduction of car sharing services in 2013 and the introduction of cycle sharing services in 2017.
“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,” said Dr Pawan Goenka, Managing Director, Mahindra & Mahindra.
In 2017, Mahindra and Zoomcar announced a partnership to introduce electric vehicles into the shared mobility space. Zoomcar recently launched Mahindra e20Plus electric vehicles across Mysore, Bangalore, and Hyderabad. It will add over 500 Mahindra EVs across more than 20 cities pan-India, in the first half of 2018.
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”.