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News on Medial
Cash-Starved Zoomcar Unsure Of Its Future
Inc42
·
8m ago
Medial
Zoomcar, a Nasdaq-listed company, has expressed concerns about its ability to continue as a going concern due to increasing losses and cash outflows. The company stated that it will not have enough funds to meet its obligations within a year unless it secures additional funding. To address this, Zoomcar is relying on securing an external funding of $30 million to meet its financial commitments until November 14, 2025.
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Zoomcar announces debt restructuring with focus on financial stability
YourStory
·
9m ago
Medial
Indian self-drive car sharing platform, Zoomcar, is undergoing debt restructuring to reduce its outstanding debt of around $31 million. The company has negotiated with lenders and vendors to reduce 75% of their immediately payable debt, either through deferred payment schedules or reduced payouts. The restructuring is aimed at decreasing cash outflow and investing in long-term sustainability and value. Zoomcar offers car rental services in Bengaluru and has received investments from Peak XV, Ford Smart Mobility, Nexus Venture Partners, and Mahindra & Mahindra. The company recently launched a new app with enhanced features for guests and hosts.
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Zoomcar Launches Unified App For Guests & Hosts To Offer Better Experience
Inc42
·
1y ago
Medial
Zoomcar, a self-driving car rental marketplace, has merged its two apps into one. The Zoomcar app allows guests to book from a range of over 25,000 cars, while the Zoomcar Host app is used by hosts who share their vehicles for rental purposes. The new app will include ten feature upgrades and offer a seamless experience for both guests and hosts. Zoomcar aims to provide affordable and convenient self-driving car rentals through its platform.
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Zoomcar reports 73% decline in net loss, revenue falls to $2.2M
YourStory
·
8m ago
Medial
US-based car-sharing marketplace, Zoomcar Holdings, has reported a 73% decrease in net loss for Q2 2021, thanks to reduced expenses as a result of India-wide job cuts. The company reported a net loss of around $3.4m, compared to $12.4m in the same period last year. However, Zoomcar also saw a 16% decline in net revenue, reaching $2.2m, due to a decrease in service revenue. Despite a 7% increase in total bookings, booking days and gross booking values fell by 2% and 9% respectively. The firm is introducing measures to improve profitability, including reducing cash incentives and introducing cancellation fees.
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Was unsure of investing in Ola, CEO Son lives in future: Ex-Softbank exec
Inshorts
·
10m ago
Medial
Former Softbank executive Alok Sama said he was unsure about the group's investment in Ola in 2014, but billionaire CEO Masayoshi Son "had higher order of thinking". "Son lives in the future and in the future world, nobody owns cars...[Then] what would be the margins for a company like Ola?" he said. SoftBank valued Ola at $400 million in 2014.
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Zoomcar hires Flipkart veteran Adarsh Menon president
Inc42
·
1y ago
Medial
Bengaluru-based car rental platform Zoomcar has appointed Adarsh Menon, a former executive of Flipkart and Hindustan Unilever, as its president. Menon, with 22 years of experience, will be responsible for leading the business and operations of the startup. Zoomcar operates as a marketplace for renting self-driving cars, offering affordable prices and promoting sustainable transportation solutions. The company reported a 54% decline in net loss in FY22 and a 1.2X increase in operating revenue. Zoomcar is also reportedly looking to list on the Nasdaq through an SPAC deal.
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Nasdaq-Listed Zoomcar Terminates CEO Greg Moran
Inc42
·
1y ago
Medial
Greg Moran, co-founder and CEO of Zoomcar, has been terminated from his role after serving for 12 years, according to a regulatory filing. This move requires Moran to also resign from the company's board of directors. Zoomcar is a Bengaluru-based car rental company.
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Car rental platform Zoomcar says hackers accessed personal data of 8.4 million users
Economic Times
·
1m ago
Medial
Zoomcar, a car-sharing platform, disclosed a cyberattack that exposed personal data of 8.4 million customers, including names, phone numbers, and addresses. Detected on June 9, the breach prompted Zoomcar to activate its incident response plan, enhancing cybersecurity measures and engaging third-party experts. The company reported the incident to regulatory authorities and is assessing potential legal, financial, and reputational impacts, but operations remain undisrupted.
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Zoomcar merges with Innovative International Acquisition Corporation
Economic Times
·
1y ago
Medial
Car sharing platform Zoomcar and special purpose acquisition company Innovative International Acquisition Corporation (IOAC) have completed their merger, with the combined entity named Zoomcar Holdings Inc. The merged entity is set to begin trading on NASDAQ. The merger, initially agreed upon on October 13, 2022, signifies a new phase in Zoomcar's growth. Mohan Ananda, IOAC Chairman and CEO, has been approved by IOAC shareholders as the nominee to the board of directors of Zoomcar Holdings and is expected to serve as the initial chairman of the board.
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Nasdaq-Listed Zoomcar’s India entity sees loss triple to INR 237 Cr in FY23
Inc42
·
1y ago
Medial
Zoomcar India, which recently debuted on Nasdaq, witnessed a significant increase in its net loss for the financial year 2022-23. The company reported a loss of INR 237 Cr, representing a surge of 221% compared to the previous fiscal year. Although its operating revenue also declined by 27% to INR 69.1 Cr, Zoomcar remains a prominent player in the self-driving car rental market, generating revenue through rentals and subscriptions. The company is actively present in India, Indonesia, and Egypt, with India accounting for 90% of its business.
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Ilya Sutskever did not attend OpenAI's party celebrating Sam Altman's return as CEO
Business Insider
·
1y ago
Medial
Ilya Sutskever, the chief scientist and co-founder of OpenAI, did not attend the impromptu party thrown by OpenAI staff to celebrate the return of Sam Altman as CEO. Sutskever was a key participant in the sudden ouster of Altman but has expressed regret for his actions. It remains uncertain if Sutskever will return to the company, as staff are unsure of his future involvement. Altman's negotiation for a possible return to OpenAI is ongoing.
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