Ford invests Rs. 160 crore in Zoomcar

Ford has invested Rs. 160 crore in self-drive car rental start-up - Zoomcar. Ford Motor Company's subsidiary, Ford Smart Mobility, led Zoomcar's Series B funding round that helped the start-up raise $24 million. Zoomcar's existing investors Sequoia Capital, Nokia Growth Partners and Empire Angels also participated in the investment round.

Ford Smart Mobility was formed in March this year in order to focus on the rapidly changing transportation technologies. It is a part of Ford's long-term goal to convert itself into a mobility company, rather than a simple car manufacturing firm. The aforementioned Zoomcar funding is Ford Smart Mobility's first investment in India.

Zoomcar, which was founded in 2012, had earlier raised $21 million in two rounds between October 2014 and July 2015. With the Series B round announcement, the overall funding raised by the start-up has gone up to $45 million. Zoomcar's current market valuation hasn't yet been revealed.

Source: LiveMint