Success Story of Zoom Cars : India’s leading Car Rental service

Journey of a thousand miles begins with a single step.

– Lao-tzu

How Did Zoomcar Happen ?

Founded by David Back and Greg Moran in 2013.Zoomcar has sprintly emerged as India’s leading self drive car rental company headquartered in Bengaluru ,India which provides smooth and affordable car rental services to its customers.

Greg, the co-founder of Zoomcar, has always been passionate about sustainability and sustainable economic development. Earlier Greg has also worked in the cleantech and infrastructure disciplines for an investment bank, Where he experienced the opportunities that existed in working on green solutions in India. As he was always fascinated about the Indian Market and the Growth of Indian Economy it offers incredible opportunities for entrepreneurs not only to scale their businesses, but also to make a social contribution through unique and often technology-enabled service offerings. After Further investigations Showed the challenges in urban transport, Due to lack of an infrastructure that can cushion personal walking .Greg recognized the toll he was taking on the Indian environment and the total lack of a driverless model led him to spearhead the launch of Zoomcar.

What Does Zoomcar Offers to its Customer ?

Zoomcar offers every kind of a vehicle which is needed by its customer like sedans , SUV’s to premium vehicles, Zoomcar offers more than 10,000 options to its customers and also the company keep on bringing exciting deals and promotions to keep their customers loyal.

Zoomcar has continuing to hire out automotive on an hourly basis, it’s conjointly brought in many changes. Basically after the Covid Zoomcar upgraded its business model according to the customer for ex-Today, one will have a car delivered to their location and pay online . It runs on a unique business model, and therefore the focus is on customers who need the liberty of getting a car any time they require, for a extended duration.

Growth of Zoomcar

Zoom cars has grown substantially over the years .here are the key factors to that growth:

 focus on the Indian market – company was founded in India and have always understood the expectations of Indian customers. They are always geared towards providing affordable and convenient experience to Indian customers.

 Technology-

1. They have an easy to use mobile app for android as well as iOS systems which makes it very handy and convenient for the Indian customers to book the cars on their phones.

2. They have an inbuilt GPS tracking system which helps customers track the location of the vehicle at particular times.

 The start-up has been able to attract investment from some of the world’s leading capitalists. In 2016,The car rental company raised $24 million from Sequoia Capital and China’s leading ride-hailing company, Didi Chuxing. By this funding start-up has expanded its operations and continues to grow at a rapid pace.

Market share and Investment

With 75% of the market share Zoomcar holds a dominating Nature in the Market and this has been constant since the company started back in 2013.

It is expected to grow by 80-85% in coming 18 months with over more than 1 lakh cars the most successful model of Zoomcar is subscription mobility model which was launched in 2018 and now its has more than 5000+ car subscription rate and also holds 90% of the Market in the model .

Till now Zoomcar has raised $291.7M The last round which was Series E round in which the Company raised $92M from a US based company SternAegis Ventures .

Conclusion

Apart from its substantial growth the start-up has faced difficult time too .in the start they got rigid competition from their competitors like traditional car rental companies and offline car rental businesses.

Due to potential use of technology by company they have been a visible target for hackers as data of 100000 customers was leaked in 2016.

Despite all these hardships the company’s growth has been continuous.

This is because they have a loyal customer base and people love using zoom cars because of their innovation and reliable ,affordable and convenient services.

From the above given data we can see that made in India company has achieved a lot in the short run and company aspires to achieve more in future by attracting more competent investors and providing the services to each and every street of India with the help of technology and their convenient and affordable services.

References

Zoomcar: How a Startup Became India’s Leading Car Rental Company

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