Zoomcar raises $92M in private offering funding

CAIRO – 15 November 2021: Zoomcar, the world's self-driving car sharing service, announced that it has received $92 million in a private offering, led by New York-based SternAegis Ventures, with the participation of some of the world's leading international companies and institutional investors.

Greg Moran, CEO and co-founder of Zoomcar, said that this funding is a milestone for the company, as the company prepares to enter a new phase of growth and international expansion and prepares to enter the public equity markets.

Zoomcar has recently expanded across Southeast Asia and the Middle East and North Africa, with the aim of creating a global car sharing platform, to facilitate car sharing across major emerging markets.

SternAegis was the exclusive underwriting agent, while ThinkEquity was the special advisor for this financing.

Zoomcar intends to use the proceeds from this funding to grow the car sharing market in India and select markets in Asia and the MENA region.

Zoomcar announced in October the expansion of its business in the Middle East to include Egypt.

Zoomcar has had a platform for renting self-drive cars in India since 2013, which enables its customers to rent cars upon their request, either by the hour, day, week or month.

The Zoomcar platform includes more than 7,000 vehicles in five countries. It was founded in Bangalore, India, and employs more than 300 people in more than 50 cities in India, according to a statement issued by the company on Sunday.