Mahindra has announced that it would be investing in Zoomcar India Private Limited and in Zoomcar Inc, its US incorporated holding parent company, in keeping with the Mahindra’s thrust on the Shared Mobility Business. Under the aegis of the deal, Mahindra Group would invest up to Rs 176 crore in Zoomcar India or Zoomcar Inc. which, on an as converted to common stock of Zoomcar Inc on a fully diluted basis, would constitute approximately 16% stake in Zoomcar Inc. Mahindra has been keen to invest in the shared mobility space as a part of its strategy to promote and participate in sustainable mobility solutions, including multi modal urban mobility.
This is with the objective of enabling improved livelihoods and lifestyles of people, thereby enabling them to RISE. To that end, Mahindra has been promoting Electric Vehicles along with the promotion of shared mobility. This investment in India’s leading self-drive shared mobility company will enable the company to further its objectives in this area. Earlier in 2017, Mahindra and Zoomcar announced a partnership to introduce electric vehicles into the shared mobility space. Zoomcar recently launched Mahindra e20Plus 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.