India-based car rental service Zoomcar has raised $24m in a funding round led by Ford Smart Mobility, a subsidiary of automotive manufacturer Ford, YourStory reported yesterday.
Nokia Growth Partners, the corporate venturing division of technology company Nokia, Sequoia Capital and Empire Angels also took part in the round, which is now being referred to as a series B round despite earlier reports that it is a series C.
Ford Smart Mobility was said to be providing $15m for the company last month, as part of a round expected to be sized at $25m. YourStory has not confirmed how much Ford ended up investing.
Founded in 2012, Zoomcar runs a car sharing service that lets drivers rent vehicles for short return trips. Its fleet numbers more than 2,000 cars, and Zoomcar aims to expand it to 25,000 by 2018.
The money will also support technology and market development, recruitment and an expansion into additional cities. Zoomcar hopes to reach 25 locations in the next two years.
Nokia Growth Partners previously participated in an $11m series B round in July 2015 alongside Sequoia and Empire. Innoven Capital, the venture debt arm of Singaporean sovereign wealth fund Temasek, provided $1m in debt financing at the same time.
Zoomcar raised $8m in series A funding in 2014 from Sequoia, Empire, FundersClub, Basset Investment Group and funds advised by Triangle Growth Partners, the same backers having provided $3m in seed capital in 2013.