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.
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“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.
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