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June 03, 2013

Deal Alert: Car sharing service Zoom raises $30K angel funding from Larry Summers

Bangalore-based ZoomCar India Pvt Ltd, which operates the membership-based car rental service, has raised $30,000 in angel funding from the former US treasury secretary Larry Summers in the form of warrants. Prior to this, Zoom had raised an angel round of $215,000 from Empire Angels (New York), Lady Barbara Judge and several other angel investors last month. The company has raised around $325,000 funding until now.

ZoomCar is a membership-based car sharing service, which allows users to book cars on a hourly or a daily basis and drive them anywhere in the country. The user will have to drop the vehicle back at the same place from where the vehicle was picked up. The company is currently operational in Bangalore with plans to expand to Mumbai and Delhi by the end of this year and later to Chennai, Hyderabad and Pune.

Source: Medianama

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