Zoomcar business model helps you to hire self driver cars easily. Zoomcar was founded by the American duo David Back and Greg Morgan in 2013. It is an Indian Self-Drive car Rental company. They met while studying at the University of Pennsylvania.
After graduating in 2007 David studied at Harward Law School while Greg worked on energy financial projects. The Duo also attended a business school where both decided to drop out and move to India and pursue a venture in car rentals. Greg visited India where he realized that there is strong business potential for car rentals.
Then both decided to start a self-drive car rental company named Zoomcar. The Duo faced many challenges but the major one was the registration of their business. To overcome this challenge, they decided to tie up with local owners who had a license and ended up leasing cars from them. This was a turning point in their life which made them successful.
Zoomcar Business Model
- Zoomcar is India’s first self-drive car rental company. It allows customers to rent self-driven cars for a certain time period which depends on the customer itself. It is headquartered in Bengaluru and its services are spread across 45 cities in the country.
- It offers a wide and extensive variety of cars including hatchbacks, SUVs, sedan. It also offers luxury cars like Audi, BMW, Mercedes.
- As of now, the company has around 10,000 cars from manufacturers such as Ford, Mahindra, Maruti, Tata, Hyundai, etc.
- Zoomcar earns by allowing individuals to hire cars and taking a small commission for the same.
Competitors of the company
Finance and Funding’s
- Initially, the company started with $2,16,000 in the capital and a fleet of 7 cars.
- Zoomcar’s investors and partners include Ford Motor Company, Mahindra and Mahindra, Nokia Growth Partners, SequoiaCapital, Funders Club, Basset Investment Group, Athene Capital, Empire Angels, Venture Souk, Globevestor, and Cyber Carrier CL.
- The company raised the total funding amount of $151.9 Million.