India’s car sharing platform Zoomcar expands to Indonesia, Vietnam
Zoomcar, an India-founded car sharing marketplace covering emerging markets, announced on September 21 that it is expanding further in Southeast Asia by starting operations in Indonesia and Vietnam, following its recent entry in the Philippines,
The company, which operates as a “personal mobility platform,” launched its services in India in 2013 in Bangalore with the concept of allowing users to rent cars on hourly, daily, weekly or monthly basis. In the meantime, it employs over 300 people and operates in over 50 cities across India.
In 2020, Zoomcar launched Zoomcar Mobility Services, which offers subscription services for cars.
As of 2021, the company has over 7,000 cars on its platform with a presence across five countries, namely the above mentioned plus Egypt.
Greg Moran, CEO and cofounder of Zoomcar, explained the choice of countries for the latest expansion as follows:
“Indonesia and Vietnam have low levels of vehicle ownership but large, upwardly mobile populations creating a perfect opportunity for us to leverage. We (…) look forward to benefiting from (…) scaling up aggressively and building synergistic partnerships contributing to our growth in Indonesia and Vietnam.”
US listing planned for next year through SPAC
The expansion comes just months after news emerged that Zoomcar was planning for an initial public offering in the US within the next year to add more countries to its portfolio.
“There’s a lot of momentum in the public markets for this type of story,” Moran said, adding that a listing via a blank-cheque firm, or special purpose acquisition company (SPAC), was a possibility.
“We’ve been at it now for a long time so it’s only fair to want to bring liquidity into the system for early investors,” he added.
Zoomcar’s institutional investors include Indian auto maker Mahindra & Mahindra, Ford Motor Company, Sequoia Capital, Nokia Growth Partners, a number of venture capital firms and individual investors from the US, UK and India.
Zoomcar, an India-founded car sharing marketplace covering emerging markets, announced on September 21 that it is expanding further in Southeast Asia by starting operations in Indonesia and Vietnam, following its recent entry in the Philippines, The company, which operates as a “personal mobility platform,” launched its services in India in 2013 in Bangalore with the concept of allowing users to rent cars on hourly, daily, weekly or monthly basis. In the meantime, it employs over 300 people and operates in over 50 cities across India. In 2020, Zoomcar launched Zoomcar Mobility Services, which offers subscription services for cars. As of...
Zoomcar, an India-founded car sharing marketplace covering emerging markets, announced on September 21 that it is expanding further in Southeast Asia by starting operations in Indonesia and Vietnam, following its recent entry in the Philippines,
The company, which operates as a “personal mobility platform,” launched its services in India in 2013 in Bangalore with the concept of allowing users to rent cars on hourly, daily, weekly or monthly basis. In the meantime, it employs over 300 people and operates in over 50 cities across India.
In 2020, Zoomcar launched Zoomcar Mobility Services, which offers subscription services for cars.
As of 2021, the company has over 7,000 cars on its platform with a presence across five countries, namely the above mentioned plus Egypt.
Greg Moran, CEO and cofounder of Zoomcar, explained the choice of countries for the latest expansion as follows:
“Indonesia and Vietnam have low levels of vehicle ownership but large, upwardly mobile populations creating a perfect opportunity for us to leverage. We (…) look forward to benefiting from (…) scaling up aggressively and building synergistic partnerships contributing to our growth in Indonesia and Vietnam.”
US listing planned for next year through SPAC
The expansion comes just months after news emerged that Zoomcar was planning for an initial public offering in the US within the next year to add more countries to its portfolio.
“There’s a lot of momentum in the public markets for this type of story,” Moran said, adding that a listing via a blank-cheque firm, or special purpose acquisition company (SPAC), was a possibility.
“We’ve been at it now for a long time so it’s only fair to want to bring liquidity into the system for early investors,” he added.
Zoomcar’s institutional investors include Indian auto maker Mahindra & Mahindra, Ford Motor Company, Sequoia Capital, Nokia Growth Partners, a number of venture capital firms and individual investors from the US, UK and India.
