Domestic car sharing marketplace Zoomcar has announced that it successfully completed a $92 million private placement led by New York City-based SternAegis Ventures along with participation from other investors.
SternAegis acted as the exclusive placement agent for this offering and ThinkEquity acted as special advisor. Zoomcar intends to use the proceeds from this financing to grow its car sharing marketplace in India and various select markets across Asia and the MENA region.
“This successful crossover financing is a milestone for Zoomcar as we enter the next phase of our international growth and position the company to enter the public equity markets,” Greg Moran, Co-Founder and CEO of Zoomcar, said in a statement.
The company will continue to invest in its advanced engineering and data science platform enabling it to strengthen its market leadership in global car sharing. It expects to increase investments across IoT, machine learning, and computer vision related applications to further transform its “award winning” user experience.
The company also expects to significantly strengthen its enterprise software offerings to OEMs and insurance companies.
Zoomcar, the dominant car sharing platform in India, recently expanded across Southeast Asia and the MENA region to create a global car sharing platform.
This broader geographic expansion is in line with Zoomcar’s ultimate mission to democratise car access across the world’s largest, most populated, and fastest growing emerging markets.