Bangalore-based car rental marketplace Zoomcar raises $92M led by SternAegis Ventures, bringing its total funding to $207M, and says its service has 10K+ cars (Manish Singh/TechCrunch)

Zoomcar Announces New Funding Round

In this article we will discous about bangalorebased zoomcar 92m ventures 207m 10k singhtechcrunch .If you’re looking for a new rideshare app, you might want to check out Bangalore-based zoomcar. The company recently announced a new round of funding, led by Sternaegis Ventures and has a lot of exciting plans for the future. Read on to learn more about the company, its vision and future plans.

New funding round led by sternaegis ventures

Zoomcar, the global car-sharing platform, recently closed a new funding round led by SternAegis Ventures. The company plans to use the funds to expand into Southeast Asia and the Middle East. It will also use the money to explore public markets next year. This comes after the company’s recent private sale of shares, raising $92 million. A total of $291.7 million has been raised to date.

Zoomcar was founded in 2013 by David Back and Moran. It offers fully supported subscription services and IoT-based driver behavior monitoring solutions. They have almost 10,000 cars on their platform. They are expected to post an annualized revenue run rate of $100 million for the current financial year. Their fundraising included international family offices and institutional investors. ThinkEquity acted as special adviser to the company. Among their investors are celebrities such as Emily Deschanel, JaVale Followill, Alexandra Paul, Dierks Bentley, and Cesar Millan.

Zoomcar has launched its Mobility Services platform and plans to explore public markets soon. Its CEO Bill Glaser said that the new funding would help the company reach more consumers. As a result, the company will accelerate its development of new products. With the help of the new funding, they will be able to expand their direct-to-consumer marketing efforts. In addition, the company will bolster their research and development team led by Chef Dave Anderson.

The company has already launched its first line of meatless pork rinds. However, they have plans to introduce more market-ready plant-based snacks in the near future. For now, the products are available at select retailers nationwide. These include Whole Foods, Walmart, and other stores.

Zoomcar is planning to list its stock in the US via SPAC listing. It will also look to develop a car-sharing marketplace in India and other countries. It has already started expanding into the Middle East, MENA, and Southeast Asia.

One of the reasons the company is seeking to fund their expansion is because it wants to make its products 100% plant-based. The snacks have the same protein content as beef and are made with rice, sunflower oil, pea grits, and pea protein. At the same time, they are free from genetically modified organisms (GMOs).

Outstanding Foods, a maker of plant-based snacks, closed a $5 million Series A funding round. The company will use the proceeds to fuel its rapid retail expansion, including launching a new line of outstanding market-ready plant-based products. In addition, the company plans to expand their sales and marketing teams. Among their investors are former Enjoy Life Foods Chairman Kenneth Harris and former Mission Foods CEO Javier Valez-Bautista.

Another notable celebrity investor is Los Angeles Laker JaVale McGee. He joins other former NBA players such as Alan Cummings and JaVale Followill. His investment comes in light of the company’s new partnership with Walmart.

Future plans

A look at the Zoomcar data base will tell you the car sharing company has a slew of vehicles in its fleet ranging from compact cars to luxury models. The marquee is based in Bengaluru, India and is well on its way to becoming a national brand in the not too distant future. With a reported three million users, the company has grown leaps and bounds in less than a decade. One of the company’s big ideas is to make its vehicles available to more than just its current clientele. Using such a scheme will allow the company to scale up operations and take on the likes of uber and oh-my-gawd rideshare services. Considering the company’s recent announcements, one would hope the future is bright and the company has the tools and the resources to make it happen.

The car sharing giant has a number of partnerships with SMEs that operate fleets, insurance companies and banks in its illustrious parent company’s backyard. One can only expect more deals to come. While the company hasn’t revealed its financials to the public, it did recently announce its acquisition by a publicly traded enterprise in the form of Innovative International Acquisition Corp. As for Zoomcar itself, the company is currently operating in the states of Indonesia, Vietnam and India and plans to expand its presence in the near future.

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