Ford Contributes to $24 Million Investment in India’s Zoomcar
Ford announced last month that it would be one of the key investors in Zoomcar, India’s leading car-sharing service. Ford Smart Mobility LLC was one of the investors providing a sum total of $24 million in funding, joined by Sequoia Capital, Nokia Growth Partners, and Empire Angels.
“We’re thrilled to welcome the Ford team on board for this next phase of growth in the Indian self-drive space,” said Greg Moran, co-founder and CEO of Zoomcar. “Ford was our very first OEM partner back in 2013, and this announcement just cements the fact that the two companies share many of the same core values and vision related to urban mobility. Customer experience will remain our highest priority as we scale ZAP across India in the months ahead, and our relationship with Ford will no doubt help us create a world leading marketplace experience for both our customers and associates.”
Zoomcar was India’s first self-drive car rental service (“self-drive” in this instance literally meaning that one drives oneself rather than indicating an autonomous vehicle), and its fleet currently consists of approximately 2,000 cars over seven cities across India.
The capital raised in part by Ford will allow Zoomcar to grow its fleet to nearly 25,000 vehicles and expand to more than 25 cities by 2018. Ford is also Zoomcar’s largest supplier of vehicles.
“As Ford expands its business to be both an auto and mobility company, we are pursuing a long-term vision to develop services and solutions that make it easier for consumers to move through cities using multiple modes of transportation,” said John Larsen, mobility director, Ford Asia Pacific. “Our investment in Zoomcar will help strengthen the company’s role in shaping India’s developing mobility space and provide new transportation options to help make people’s lives better.”