Mahindra has announced that it will invest in Zoomcar India Private Limited and in Zoomcar Inc, its US incorporated holding parent company to further its efforts into the world of shared mobility business.
In a statement, the Indian automaker has said that Rs 176 crore would be invested and when converted to common stock of Zoomcar Inc on a fully diluted basis, it would constitute approximately 16 per cent stake in Zoomcar Inc.
Commenting on the development, Pawan Goenka, managing director, “At Mahindra, we are playing a pioneering role in the shared mobility business and are looking forward to an impetus in it through this investment in Zoomcar. We are confident that this partnership with Zoomcar will help further our vision to transform mobility in the country, thereby creating a more connected ecosystem.”
This appears to be the second stage of partnership between Mahindra and Zoomcar. Last year, Mahindra and Zoomcar had announced a partnership to introduce electric vehicles into the shared mobility space. Zoomcar recently launched Mahindra e20Plus electric vehicles across Mysore, Bangalore, and Hyderabad. Going forward, it expects to add another 500+ Mahindra EVs across more than 20 cities pan-India, in the first half of 2018.
