• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Tuesday, July 15, 2025
  • Login
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home News

Zoomcar Changes Track To Marketplace Model, Aims For Profitability By 2017

by Bhagya P
June 15, 2016
in News
Reading Time: 2 mins read
0
Zoomcar Changes Track To Marketplace Model, Aims For Profitability By 2017
TwitterWhatsappLinkedin

range-of-cars

You might also like

Nintendo Switch Piracy Hub Nsw2u Taken Down in FBI Crackdown

France Investigates X Over Algorithm Changes Amid Fears of Foreign Interference

Tesla Slashes Model Y Price by $20,000 in Canada as Tariffs and Sales Woes Mount

June 15, 2016: Zoomcar, Self-drive car rental startup which last year had raised $11million from various investors such as Nokia Growth Partners and Sequoia Capital, has pivoted to a marketplace model as part of a broader strategy to drive efficiencies in its business, as it aims to hit profitability by next year, expand into new markets and raise a fresh round of funding over the next 2-3 months.

Currently in talks to raise a much larger round of funds, Zoomcar could go up to $40-50 million, according to at least two people familiar with the talks.

In an interview with Economic Times, Zoomcar CEO Greg Moran confirmed that the company is currently in talks with both existing and new investors and plans to close the latest round over the next quarter, but declined to share details on the quantum of funds that the company plans to raise.

“Since 2014, we’ve been working with different stakeholders, whether it’s the government, the auto companies, the dealers, etc… and we were able to kind of work on a structure, which we found to be fully compliant with the legal system, while also have the potential to scale,” said Moran “Given our size, we don’t want to do anything ad-hoc or kind of one-off — we want to do something that can have a long-lasting impact that can scale and make a large splash across the country.”

After it completes funding, Zoomcar plans to enter at least eight new markets, bringing the total number of Indian cities that it operates in to 15. “As part of our expansion, we will be moving into tier-2 and tier-3 cities —also places like Calcutta which is a large tier-1 city where we haven’t launched yet. We found that it works well to have a lot of smaller cities that feed into larger cities — and that is something that has performed nicely for us,” said Moran.

Moran said that Zoomcar has hit profitability in its existing markets, such as Bengaluru, Mumbai and Delhi, but was yet to hit profitability at the broader group level — something that the company is confident of achieving by 2017.

Image Source: selfdrivetrips.com

Also Read:  Queue Management App Sminq Raises $1 Million From Its Investors

Oneway.Cab Raises $450,000 From Its Investor – IAN

Tags: fundingIndiaSequoia CapitalstartupsZoomcar
Tweet54SendShare15
Previous Post

10 Qualities To Look For While Hiring Your Core Team !

Next Post

Micro-Blogging Site Twitter Invests $70 Million In SoundCloud

Bhagya P

Recommended For You

Nintendo Switch Piracy Hub Nsw2u Taken Down in FBI Crackdown

by Harikrishnan A
July 15, 2025
0
Nintendo Switch Piracy Hub Nsw2u Taken Down in FBI Crackdown

A well-known website catering to Nintendo Switch piracy, Nsw2u, has been permanently taken offline following an investigation led by the FBI. The site, widely used for downloading illegal...

Read more

France Investigates X Over Algorithm Changes Amid Fears of Foreign Interference

by Harikrishnan A
July 15, 2025
0
European Union Commences Investigation into Social Media Firm X for Alleged DSA Violations

French authorities have opened a formal investigation into the social media platform X—formerly known as Twitter—amid allegations that its algorithm may have been manipulated to support foreign interference...

Read more

Tesla Slashes Model Y Price by $20,000 in Canada as Tariffs and Sales Woes Mount

by Harikrishnan A
July 15, 2025
0
Tesla Owner Burns Down Car and House After Plugging Directly Into Power Line

Tesla is in crisis management mode in Canada, cutting the price of its Model Y SUV by a staggering CAD $20,000 in an urgent attempt to recover from...

Read more
Next Post
Twitter Names Kathy Chen as Managing Director for China

Micro-Blogging Site Twitter Invests $70 Million In SoundCloud

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple Artificial Intelligence bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?