Recently, the Indian self-drive car rental company Zoomcar has raised INR 41 Crore/ $5.5 Million from its umbrella company Zoomcar Inc. Prior to this, Zoomcar Inc had also infused INR 8.27crore/ $1.1 Million in January and INR 5.27 Crore/ $717k in February 2021. These rounds of raising investments taking the total capital infusion in the company to INR 54.5 Crore/$7.4 Million in 2021.
As per Zoomcar’s regulatory filings with the Ministry of Corporate Affairs, the company has allocated 82,566 equity shares to its parent company Zoomcar Inc, at a price of INR 4,967/$67.6 per share on the right issue basis to ultimately raise INR 41,01,05,322/$5.5 Million. These shares have been allotted to Zoomcar Inc on April 28, 2021.
Zoomcar’s previous regulatory filings revealed that it was planning to raise INR 36.59 Cr (roughly $5 Mn) and had offered to issue Series P2 Preference Shares to select investors, upon conversion of their Optionally Convertible Debentures (OCDs). The Series P2 shares will be allotted at a face value of INR 10 ($ 0.14) per share and a premium of INR 2,431 per share.
Founded by Greg Moran and David Back in 2012, the Bengaluru-based company has to date, raised $193.6 Million from 35 investors in 18 rounds of funding. According to Crunchbase, Zoomcar’s last round of funding was on February 8, 2021, where it raised $39.8 Million. The company had also raised $30 Million from Sony Innovation Fund in January 2020, for its Series D round. Zoomcar has also reported a revenue of INR 294.6 Cr in the financial year 2020, an increase of 10% from the previous year’s INR 266.6 Cr.