AAA Nokia drives Zoomcar to $11m

Nokia drives Zoomcar to $11m

India-based car rental service Zoomcar has raised $11m in series B funding from investors including Nokia Growth Partners, the strategic investment arm of communication technology manufacturer Nokia, the Economic Times has reported.

The round also included Sequoia Capital and Empire Angels, both existing backers, and was closed alongside $1m of debt financing from InnoVen, which was previously known as Silicon Valley Bank India.

Founded in 2012, Zoomcar’s service enables users to rent cars by the day or hour, and it operates a 1,500-strong fleet spread across 250 locations in six cities. It aims to add another 7,000 cars to its fleet over the next year.

Zoomcar previously raised $8m in series A funding from backers including Sequoia, Empire, FundersClub, Basset Investment Group and funds advised by Triangle Growth Partners in October 2014. The same investors had previously provided $3m of seed capital for the company.

– Photo courtesy of Zoomcar India Pvt Ltd.

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