Self-drive mobility platform Zoomcar on Monday said its shared subscription marketplace is currently moving about 12% of the total urban passenger car units moved per year, and is only behind Maruti Suzuki and Hyundai Motors in terms of volume. The company said it has achieved a 15,000 car subscription run-rate through its shared mobility platform in August 2019 alone, from 3,200 car subscriptions in March 2019. This makes it the third-largest automobile player in India in terms of volume moved, just behind Maruti Suzuki and Hyundai Motor, considering August 2019 sale numbers, said the company.
The platform has tied up with automakers including Nissan, Toyota, Volkswagen and Renault and introduced their models on-board to achieve this feat. The platform is aiming to reverse the industry slowdown by integrating automakers with the ripe digital market of India and converting non-intenders through a tech revolution.
While OEMs target the top 10 percentile or the more affluent class of the population in terms of income when it comes to car ownership, Zoomcar, through its shared subscription platform, breaks down the entry barriers to car ownership like hefty down payment, car loan and cost of ownership.
Interestingly, 90% of the subscribers of Zoomcar are non-intenders. They never thought of owning a car. But due to compelling features of the Zoomcar subscription platform like zero down payment, no car loan, no maintenance cost and no insurance cost, having a car is no more a gruesome and financially-crumbling option, the release said.
Greg Moran, co-founder and CEO of Zoomcar, said: “Our vision is to acquaint new-age customers with hassle-free car ownership. At Zoomcar, we have always empowered our customers with better mobility alternatives and will continue doing so at scale. This also positively impacts the automobile industry as it eliminates the economic barrier to entry of various socioeconomic groups…”
