Mahindra has always been a firm advocate that shared mobility is the future, they believe that our generation does not believe in owning cars. To that end, they have been keen on investing in the shared mobility space as part of strategy to participate in sustainable mobility solution. Including multi-modal urban mobility. Consecrating this stand, aside from being the thought leaders in shared mobility, Mahindra has invested in Zoom car, a self-drive shared mobility company that will enable the company to further its objectives in this area.
The investment which amounts to USD 19 billion or Rs 176 Crore, in Zoomcar India Private Limited and in Zoomcar Inc, its US incorporated holding parent company. Converted to common stock this investment will amount to a 16% percent stake in Zoomcar Inc.
Speaking on the development, Dr Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd mentioned, “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”.
Last year, Mahindra and Zoomcar announced a partnership to introduce Electric Vehicles into the shared mobility space. The Mahindra e20 Plus 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.