Zoomcar aims to increase its fleet from 2,000 vehicles to more than 25,000 across 25 cities by 2018 Photo: MintCar rental start-up Zoomcar has raised $24 million in a Series B funding round led by Ford Smart Mobility Llc, a unit of Ford Motor Co., the firm said in a statement on Wednesday. Existing investors Sequoia Capital, Nokia Growth Partners and Empire Angels also participated in the round. The company had raised $21 million, in two tranches between October 2014 and July 2015, from Sequoia Capital, Empire Angels, T.V. However, in April, the company launched the Zoomcar Associate Program, essentially allowing private car owners to make their vehicles available on Zoomcar. Currently, the company has 2,000 vehicles—a mix of its own fleet and those sourced through the associate programme—in seven cities.

Source: Mint August 24, 2016 18:44 UTC