ZoomCar, Inc., a Bangalore, India-based car rental company, closed a total $1.6m seed funding round.
The round was led by New York based Empire Angels, with participation from venture capital firm FundersClub as well as other active angel investors in the US, Europe, and India. Former US Secretary of the Treasury, Larry Summers is an earlier investor in Zoom and a member of its board of advisors.
The company intends to use the funds to expand its fleet and add headcount to improve technology and grow operations.
Led by Greg Moran, CEO and Co-Founder, Zoom is a car-sharing company (similar to Zipcar in the US) that offers neighborhood based, membership-only car rental by the hour or by the day. The company launched operations in Bangalore with 7 vehicles in February 2013 and has grown to a fleet of 52 vehicles as of Oct 1, 2013. It offers a mix of vehicles from Ford, Mahindra, Volkswagen, and BMW for hourly and daily tariffs.
FinSMEs
04/10/2013
Related News
01/04/2013: ZoomCar India Raises over $215K in Funding