As days pass by, the shared mobility business is only going to get bigger and bigger, and Mahindra seems to be aiming for a larger piece of the pie. Back in November 2017, they partnered with Uber to deploy electric vehicles.
Today, the company announced that it would be investing in Zoomcar India Private Limited and in Zoomcar Inc., its US incorporated holding parent company. Under the aegis of the deal, Mahindra would invest up to Rs 176 crore in Zoomcar India or Zoomcar Inc. which would constitute approximately 16% stake in Zoomcar Inc (converted to common stock on a fully diluted basis).
Speaking on the development, Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd said, “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”.
Greg Moran, Co-Founder & CEO, Zoomcar said, “We are incredibly excited to welcome the Mahindra team on board for this next phase of growth, within the Indian self-drive mobility space. Our collaboration with Mahindra dates back to 2013 when we first kicked off in Bangalore. Most importantly, Mahindra shares Zoomcar’s vision for multi-modal urban mobility and we look forward to leveraging their diverse platform to help accelerate the transformation to a shared, electric mobility future for India”.
Earlier in 2017, Mahindra and Zoomcar 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.