Mahindra to invest up to Rs 176 crores in Zoomcar

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Mahindra has announced that it will invest in Zoomcar India Private Limited and Zoomcar Inc, its parent company based in the US. UU To boost your efforts in the business world of shared mobility.

In a statement, the Indian automaker has said that Rs 176 million will be invested and, when converted into ordinary shares of Zoomcar Inc on a fully diluted basis, it would constitute approximately 16 percent stake in Zoomcar Inc.
Commenting on the development, Pawan Goenka, general manager, “At Mahindra, we are playing a pioneering role in the shared mobility business and we hope to boost it through this investment in Zoomcar.” We are confident that this partnership with Zoomcar will help expand our vision to transform mobility in the country, thus creating a more connected ecosystem “.

This seems to be the second stage of association between Mahindra and Zoomcar. Last year, Mahindra and Zoomcar announced an association to introduce electric vehicles in the shared mobility space. Zoomcar recently launched Mahindra e20Plus electric vehicles in Mysore, Bangalore and Hyderabad. In the future, he hopes to add another 500 Mahindra EVs in more than 20 pan-Indian cities, in the first half of 2018.