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Havish Gupta
Figuring OutĀ ā¢Ā 3m
How Zoomcar Transformed Car Rentals in India Back in 2013, Greg Moran and David Back saw a huge gap in India's transportation market: there was a lack of a platform to rent self-drive cars. So, they decided to create a platform that would allow users to rent cars directly from the app. Imagine you want to recreate the JNMD Spain trip, but don't have a car. With Zoomcar, you can simply select the date, rent any car, and begin your trip. But it wasn't easy to start! They needed a government license to begin, but were initially rejected. So, they had to partner with a company that already had the license, and thatās how they started. After that, it didnāt take long for the idea to take off. By 2015, they had expanded to 15 cities, and by 2017, they had raised a whopping $24 million in Series C funding. They later shifted to an asset-light model, where anyone could host their vehicles. This increased the number of available cars and made it easier to scale. Today, Zoomcar is a $460M company, has listed over 25,000 cars across 45+ cities, and generates $12 million in revenue. Do you think the rise of car rentals will increase in India?
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