Mahindra and Mahindra is to invest in Zoomcar India, with the INR1.76bn financing constituting around a 16% stake.
“At Mahindra, we are playing a pioneering role in the shared mobility business and are looking forward to an impetus in it through this investment in Zoomcar,” said Mahindra and Mahindra MD, Pawan Goenka.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
“We are confident this partnership with Zoomcar will help further our vision to transform mobility in the country, thereby creating a more connected ecosystem.”
For his part, Zoomcar co-founder and CEO, Greg Moran, added: Our collaboration with Mahindra dates back to 2013 when we first kicked off in Bangalore. Most importantly, Mahindra shares Zoomcar’s vision for multi-modal urban mobility and we look forward to leveraging their diverse platform to help accelerate the transformation to a shared, electric mobility future for India.”
Earlier in 2017, Mahindra and Zoomcar announced a partnership to introduce electric vehicles into the shared mobility space.
Zoomcar recently launched Mahindra e20Plus electric vehicles across Mysore, Bangalore and Hyderabad. It expects to add another 500-plus Mahindra EVs across more than 20 cities pan-India, during the first half of this year.
