BENGALURU: Self-drive car rental company Zoomcar has received funding of Rs 160 crore ($24 million) in a deal led by Ford Smart Mobility, a subsidiary of Ford Motor Company. The company's existing investors Sequoia Capital, Nokia Growth partners and Empire Angels also participated in this deal round. With this capital infusion, Sequoia Capital becomes the single largest stakeholder in the company having first backed the venture in 2014. "Ford is one of our first OEM partners and they are trying to create an ecosystem around buying a car," says Moran. Zoomcar has also created proprietary hardware and software to monitor real-time data on performance of the vehicle as well as driving.

Source: Economic Times August 24, 2016 23:15 UTC