Mahindra Now Owns 16 Percent Stake in Zoomcar

  • Published By: Droom
  • 19 February 2018

The company believes this acquisition will help accelerate EV-adoption in India.

Mahindra & Mahindra (M&M) will invest up to 176 crore for a 16 percent share in self-drive car-rental service provider, Zoomcar. The company sees potential for growth in the shared mobility space and says that acquiring Zoomcar will help accelerate EV adoption here.

Pawan Goenka, managing director, Mahindra & Mahindra, 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.” The car rental service intends to use M&M's experience in mobility and looks to accelerate the transformation to a shared, electric mobility future for India. “We are happy to have Mahindra on board as we step into the next phase of growth," said Greg Moran, co-founder and CEO, Zoomcar.

Mahindra and Zoomcar, last year, announced that they would collaborate to introduce electric vehicles into the shared mobility space. Zoomcar launched Mahindra e20Plus EVs across Mysore, Bangalore, and Hyderabad that are part of its rental service. The company wants to add 500 Mahindra EVs across more than 20 cities pan-India in early 2018.

Mahindra has also tied up with Uber to supply electric vehicles on Uber's platform.

Recent News

Tata Nexon XZ+ (S) Launched at Rs 10.10 Lakhs
  • Hot

Boasting of several new features, Tata Nexon XZ+ (S) is positioned between the XZ+ and the top-end XZ(O) grades.

Read More
 BS6 Emission Norms: Seven Things You Must Know About
  • Top

Here are the seven things that all the two-wheeler and four-wheeler owners must know about BS6 emission norms.

Read More

News You May Like

Check out the Triumph Street Triple range for 2017

The new range was unveiled in London and phased global release is expected to include India in 2017.

Read More
Yamaha FZ25: All you need to know

What does Yamaha’s 250cc street naked bring to the table?

Read More
Download App