Self-drive car rental start-up Zoomcar said it had closed $40 million (₹256 crore) in a series C investment round led by automaker Mahindra & Mahindra.
It said a variety of existing investors had also participated in this round.
The company would use the funds for accelerating its marketplace supply growth and improving its lead within applied Internet of Things (IoT) technologies.
It would also expand into additional mobility categories across India.
“We’re incredibly excited to welcome the Mahindra team on board for this next phase of growth within the Indian self-drive mobility space,” Greg Moran, co-founder and CEO, Zoomcar, said in a statement.
The company said it had witnessed robust growth with its ZAP marketplace in 2017 as these vehicles now accounted for more than 25% of its more than 3,000 total fleet.
Monthly subscription
Recently, Zoomcar introduced ZAP Subscribe, a monthly subscription based programme for cars.
It expects this fresh funding would help the company hit more than 15,000 subscriber vehicles on the platform before the end of 2018.
Last October, Zoomcar unveiled PEDL, a dockless cycle sharing service which now operates across 10 cities with a fleet of more than 3,000 cycles.
