“Future of mobility” was the theme for Mahindra’s booth at the 2018 Auto Expo. Now, the company has said that it will invest in Zoomcar India Pvt Ltd and its parent company, Zoomcar Inc, which is based in the US. Zoomcar makes money by letting people rent cars that they can drive themselves. Mahindra’s idea of shared mobility fits with this.
Mahindra Group would put Rs 176 crore into the Zoomcar business. This is just one of the many details of the deal. If this amount was turned into Zoomcar Inc. common stock, it would be worth about 16 percent of the total value of the company. If you look at how traffic is in India’s big cities, shared mobility does seem like the right way to go. In the past, car companies have always tried to sell as many cars as possible. But Mahindra is changing this way of thinking because it thinks that sustainable mobility solutions are the way of the future. Mahindra is putting a lot of money into electric vehicles as well as mobility solutions. In the Formula-E racing championship, Mahindra Team is very competitive. (Mahindra wants to make all of its cars electric)
Pawan Goenka, MD of Mahindra & Mahindra Ltd, said more about the subject, “At Mahindra, we are a pioneer in the shared mobility business, and we hope that this investment in Zoomcar will give it a boost.” We’re sure that this partnership with Zoomcar will help us reach our goal of changing the way people move around the country and making it a more connected place. (Mahindra XUV700 Showcasing at Auto Expo)
Greg Moran, co-founder and CEO of Zoomcar, said something similar: “We are very excited to have the Mahindra team join us for this next stage of growth in the Indian self-drive mobility space.” Mahindra has been working with us since 2013, when we first got started in Bangalore. Most importantly, Mahindra shares Zoomcar’s vision for multi-modal urban mobility, and we look forward to using their diverse platform to speed up India’s transition to a shared, electric mobility future.
Mahindra joined forces with Zoomcar last year, and the Mahindra e2O Plus electric car was added to Zoomcar’s fleet in Bangalore, Mysore, and Hyderabad. In the future, Zoomcar plans to add more than 500 e2OPlus cars that will be used in more than 20 Indian cities.