Ford Smart Mobility, a subsidiary of Ford Motor Company, made a $24 million investment in India-based car rental company Zoomcar.
Ford has long been Zoomcar’s largest supplier of vehicles, and the two companies have history together that dates to 2013 when Ford became the original equipment manufacturing partner for Zoomcar.
Zoomcar’s services allow customers to rent cars by the hour or by the day; it competes with other Indian brands like Carzonrent and JustRide. Other Zoomcar investors include Sequoia Capital, Nokia Growth Partners and Empire Angles.
“We are at an inflection point. Currently, we have 2,000 cars with a presence in seven cities. We are planning to launch in Kolkata soon and go to more tier-2 cities and penetrate deeper in existing cities,” Greg Moran, who moved from New York to Bengaluru in 2013 to start Zoomcar, told the Times of India.
Moran hopes to grow the company’s fleet size to 25,000 vehicles in 25 cities by 2018.
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