The story of Zoomcar and India

Date: 21 SEPT 2016posted by Car Rentaledited by WinX

Greg Moran always knew his first business venture would have to be in India. It was a well thought out and calculated idea which started taking form in his college days at the University of Pennsylvania when he pursued a bachelor's degree in international relations. At the university Moran had made friends with students from Bangalore, Mumbai, Delhi and Pune. Frequent and lengthy discussions about India with friends, quickly gave Moran the idea that India was an opportunity waiting to be explored. With his partner David Back, they registered the company in India in May 2012 and raised their first funds, about $60,000 from professional contacts and another $40,000 from personal savings. Moran relocated to Bengaluru in September. In December after a meeting with Ford in Delhi, he was lead to a car dealer in Bengaluru who in turn connected Moran with Ramesh Tours and Travels which would eventually provide Zoomcar with a licence. Zoomcar kicked off with seven Ford Figos and Mahindra Scorpios in Bengaluru in February 2013. In May Zoomcar shot to the limelight as it raised about $300,000 from former US treasury secretary and professor at Harvard university, Larry Summers. After that they started expanding at an alarming rate. Wall Street Journal covered them the next day and five investors called which helped them reach 50 cars in Bangalore. Between March and October they raised another $400,000 and business doubled. After raising another million dollars in Oct 2013, they needed to prove to their investors that their operation at scale or enter another city. Which they expanded out with 25 vehicles. Now situated in Delhi, Mumbai, Chennai and Hyderabad, Zoom car looks to expand their 2,200 fleet to more than 25,000 cars across 25 cities by 2018.

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