Mahindra to invest Rs. 176 crore in Zoomcar

Mahindra has announced that it will be investing Rs. 176 crore in Zoomcar India and its US-based holding company. This move will give Mahindra approximately 16% stake in the self-drive mobility company.

Mahindra has been promoting electric vehicles (EV) and sustainable mobility solutions including multi modal urban mobility. Its partnership with Zoomcar dates back to 2013, when the service was first launched in Bangalore. 

In 2017, the two companies announced a partnership to introduce EVs in the shared mobility sector. Since then, Zoomcar has introduced Mahindra e20 EVs in Mysore, Bangalore and Hyderabad. Additionally, more than 500 Mahindra EVs are expected to be rolled out in more than 20 Indian cities in the first half of 2018.