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Self-driving car rental startup Zoomcar is looking to get more investment to the tune of $500 million (Rs 34.61 billion), reports LiveMint. The publication states that the new round of funding will be lead by Indian automaker Mahindra, which will pump in between $300 to $400 million (Rs 20.76 - 27.69 billion) into Zoomcar.
The publication quoting anonymous sources claims that the new round of funding will a mix of debt and equity financing. Another source told LiveMint that if the equity financing in the new round of investment into Zoomcar is at least 40 per cent, then the valuation of the self-driving rental startup could near the $1billion (Rs 69.23 billion) mark. Zoomcar's last valuation at the end of its Series C investment round was $170million (Rs 11.76 billion), claims the business publication.
Zooomcar has confirmed to LiveMint that it is looking into raising investments worth $500 million. The company though has not revealed who it is talking with to raise the money but has stated that it is looking at new investors and also expects its older backers to participate in the latest round of funding which is expected to close by the end of the quarter.
While news about Mahindra investing has not been confirmed, the automaker has previously invested into Zoomcar. However, if Mahindra does decide to invest the amount quoted by LiveMint, it could very well be one of the largest investments made into the Indian car rental startup scene till date.
This is not the first time such major investments into taxi and rental startups have made the news. Last month, it was reported that South Korean carmaker Hyundai had agreed to invest between $200 - 300 million (Rs 13.84 - Rs 20.76 billion) into Ola. It was reported that the investment would give Hyundai a four per cent share in Ola, with the ride-sharing startup's valuation rising to $6 billion (Rs 415 billion). The South Korean carmaker has also invested in Zoomcar's Gurgaon-based rival, Revv. Hyundai invested $14.3 million (Rs 990 million) into the car-rental startup.