India’s Zoomcar, the world’s largest emerging market-focused car sharing marketplace, announced on Sunday that it has completed a $92m private placement led by New York City-based SternAegis Ventures with participation from leading international family offices and institutional investors.
SternAegis acted as the exclusive placement agent for this offering and ThinkEquity acted as a 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.
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 democratize car access across the world’s largest, most populated, and fastest-growing emerging markets.
“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”, said Greg Moran, Co-Founder and CEO of Zoomcar.
Adam Stern, CEO of SternAegis Ventures commented, “Zoomcar sits at the intersection of several powerful global trends across urban mobility. At SternAegis, we’re delighted to support the impressive Zoomcar team in fulfilling their vision of creating the best car-sharing experience across the world’s fastest-growing, most dynamic markets.”
In October, the company expanded its business in the Middle East to include Egypt, appointing Hany Olama as the regional manager for the country.
“Egypt has low rates of car owners, and a growing number of people who want to move around freely and at affordable prices, which is an opportunity for us,” said Greg Moran, CEO and Co-Founder of Zoomcar.