How This Entrepreneur Zoomed Into the Roads of India Greg Moran saw the low ownership of cars and the opportunity beckoned him to do something in the technology space
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
GREG MORAN (32), CEO AND CO- FOUNDER, ZOOMCAR
Moran was working in the finance and investment banking space and often visited India on business trips. During such trips, he witnessed a low ownership of cars and the opportunity beckoned him to do something in the technology space. In the second half of 2012, he moved to India and launched Zoomcar, a self-drive rental company redefining urban mobility in India. Being an American, it was tough for him to launch in India, as per Moran, "We were not really supported off. Our growth has always been massive but it could have been five times faster had the government supported us."
Talking about his technology play, he says, "Our model is created on "you driving yourself'. We have huge amount of technology backing that. Technology is apparent and that's why it is so good." The platform will witness 5,000 – 6,000 cars coming out of this quarter. Apart from cars, it is now offering bicycles, which was launched in November last year.
After raising $50M from Sequoia, NGP, Ford, Mohan Pai, OurCrowd, Empire Angels, Venture Souq, Funders Club, Globevestor, Athene Capital, other angels, Moran raised a $40 million Series C fund from Mahindra & Mahindra.
LAUNCH 2013 in Bengaluru
PRESENCE 33 cities
GROWTH 65-70% annually