Mahindra to invest Rs 176 crore in Zoomcar India
Mahindra and Mahindra Limited has announced its plans to invest in Zoomcar India private limited, the self-drive car service provider. The company plans to invest Rs 176 crore in Zoomcar India or Zoomcar Inc. its US incorporated holding parent company. Mahindra says that the investment is in keeping with its vision of shared mobility business. The value of the investments equates to a 16 per cent stake in Zoomcar Inc.
Mahindra says that the investment in this shared mobility business is a step forward in its ambition of promoting sustainability solutions which also includes multi modal urban mobility. Mahindra believes that this investment will help it transform mobility in the country.
Greg Moran, CEO and co-founder, Zoomcar said that the company aims to leverage Mahindra's diverse platform as well as incorporate Mahindra's electric cars. This is also in line with India's electric mobility future.
Mahindra and Zoomcar introduced the e2O Plus in the self-drive mobility space in Mysore, Bangalore and Hyderabad. The plan now is to add another 500+ Mahindra electric vehicles across 20 cities in India. Besides the e2O we also expect Mahindra to introduce the e-Verito in the Zoomcar fleet.