On Friday, automaker Mahindra & Mahindra Ltd stated that it would be investing Rs. 176 crore in Zoomcar startup.
The investment, converted to common stock of Zoomcar Inc on a fully diluted basis, would constitute approximately 16% stake in the company. Around, $19 billion Mahindra Group’s part Mahindra & Mahindra showed a keen interest in making investments in Zoomcar India Private Limited and its U.S. incorporated holding parent company Zoomcar Inc. This initiative was part of Mahindra’s thrust on the ‘shared mobility business.’
Dr. Pawan Goenka, managing director of Mahindra & Mahindra Ltd, in a statement, said, “We are confident that this partnership with Zoomcar will help further our vision to transform mobility in the country, thereby creating a more connected ecosystem.”
Greg Moran, co-founder and CEO of Zoomcar said, “Mahindra shares Zoom cars vision for multi-modal urban mobility.” He further added, “We look forward to leveraging their diverse platform to help accelerate the transformation to a shared, electric mobility future for India.”
Last year, Mahindra and Zoomcar declared its partnership to introduce electric vehicles into the shared mobility space. Recently, Zoomcar has launched Mahindra e 20Plus electric vehicles (EVs) across Mysuru, Bengaluru, and Hyderabad. According to the sources, 500 Mahindra EVs across more than 20 cities pan-India, in the first half of 2018 would be added by the company.