With the declining sales figures of the auto industry, people have started to prefer leasing out cars instead of buying them outright.
M&M started tapping the services space earlier this year, probably because it realized selling cars may not be enough to sustain growth. The Meru deal is a big leap in that front.
Volkswagen will also offer Zoomcar customised financial, maintenance and repair services, among other benefits.
Zoomcar India is expecting a $500 million round of funding.
Under this partnership, Zoomcar expects to deploy 500 electric vehicles in over 20 cities with Tata Motors over the next one year.
The opportunity to subscribe to a car and then share and save when not in use is a first of its kind innovation for the Indian ecosystem.
ZAP Subscribe is the flagship fractional sharing programme of Zoomcar where one can subscribe a car for 6, 12 or 24 months.
The company introduced 25 Mahindra e2oPlus cars. "This will help facilitate the travel of metro commuters looking to complete their last mile journey affordably with the convenience of self-drive", Hyderabad Metro Rail Limited (HMRL) Managing Director N V S Reddy said.
With little competition countering Zoomcar’s expansion in the cycle-sharing segment, the company is hoping to touch 1.5 million rides a day by the year-end
"If you actually look at the state, Rajasthan is a big market for us because if you really think about the tourism opportunities here and the consistent travel, then Rajasthan is one of the best," Moran told PTI.
The company has so far raised USD 45 million from Ford, Sequoia Capital, Empire Angels, Nokia Growth Partners, among others.
This is the fifth city after Pune, Chennai, Kolkata and Bengaluru where Zoomcar has launched this service
Dig a bit deeper though, and one realizes that the Chinese business mentality doesn’t actually conform with the generally accepted “best practices” of Western-style capitalism.
Ola's bike offering comes just weeks after ZoomCar started a similar platform called 'Pedl' with 500 cycles across three cities – Bangalore, Chennai, and Kolkata.
Mahindra Electric is also offering fast charging services to enhance the EV experience for Zoomcar's customers, with fast charging compatible vehicles.
With electric vehicles roaming in cities, there will be a massive new opportunity to redesign many of India's decaying urban centers...
The company's newly launched cycle-sharing brand called 'Pedl' will compete with Alibaba backed Ofo that plans to enter India in 2018.
Despite annual sales touching close to 20 million units, the phenomenon of cycle sharing is yet to take off in India....
Since its inception in April 2013, Zoomcar has reported strong unit economics in most cities in India with almost nine lakh trips in 25 cities with a ticket size of about Rs 4,000 to 6,000 on an average.
Cars rental startup Revv plans to introduce a subscription based car rental model that will allow users to own a car without the liability of maintaining it for just Rs 25,000 per month.
The company today announced a partnership with Zoomcar, a self-driven car-rental firm, to promote shared mobility of electric cars in India.
This partnership will enable individuals to buy new all-electric Mahindra e2oPlus on ZAP, Zoomcar's fractional car ownership programme, the company said in a statement.
CNBC TV18'S Adith Charlie spoke to Zoomcar‘s CEO, Greg Moran, who said that Cadabra will be installed in cars that are leased to the company under the Zoomcar Associate Programme.
Armed with recent fund raising of USD 24 million from Fored Smart mobility, Moran said, "Our current national fleet size is about 2,000 cars and in a year's time this will expand to 10,000 cars."