Mahindra Plans To Invest Rs 176 crores in Zoomcar

Mahindra has declared about its new plan to make an investment in Zoomcar India Private Limited and in Zoomcar Inc which is US incorporated holding parent company. This initiative from the company favors the shared mobility business move.

In a discussion, the Mahindra said that approximately Rs 176 crore would be expected to invest and coming to the common stock of Zoomcar Inc based on a full dilution, it would cover around 16% stake in the company.

Pawan Goenka, managing director of Mahindra says, “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 India, thereby creating a more connected ecosystem.”

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This move is the second stage in the partnership of both business giant, Zoomcar, and Mahindra. In this regard, Zoomcar and Mahindra declared a move to partnership in order to bring electric vehicles considering shared mobility space, last year. Recently, Mahindra e20Plus is launched by the Zoomcar in the cities like Hyderabad, Bangalore, and Mysore, last year. Moving further, it is also expected that company will add another 500+ Mahindra EVs across 20+ cities in India during the 1st half of 2018.