Zoom car : Strategies of Zoom car rent model success

Zoom car: Strategies of Zoom car for rent model success.

About Zoom car :-

  Zoom car is India's first online rental company. Who launched in 2013 in Bangalore, India. Now company operates a fleet of over 3000 vehicles in different 23 cities across the country. The company future plan is to grow more than 20 cities within 2 to 3 years as per co-founder Greg Morgan.

Who is Founder of Zoom car  :-

   Zoom car was founded by the two American friends who is David Back & Greg Morgan. They met while studying at the University of Pennsylvania, where both were pursuing their graduation. They both went to  business school, Morgan at the Judge Business school at Cambridge University.

Both David Back & Greg Morgan dropped out of Business School to move India and pursue Zoom.

David resigned from the Company in 2015 and moved back to America. Zoom official launched its operation in 2013 from Bangalore with the capital of 215 thousand dollar and a fleet of seven cars.

Zoom Car Business Model:-

   Zoom car provides cars on rent on hourly, daily, weekly or monthly basis. They carry a huge range of cars right from swift, city, Eco sport, Fortuner, Ford Figo. and luxury cars in BMW 3 series and Mercedes-Benz A-class sedans.

  Zoom car divided its cars into 3 segments which are Zoom light, Zoom classic and Zoom XL. The ideal choice for long outstation Trips, Multiday Booking, and Office Commute in Zoom Lite. Then Zoom Classic that is ideal for general Usage and Weekend Trips. For long trips or use the car just for the joy of driving you can rent Zoom XL.

Second Business Model :-

  If you want buy a new car  so you can get car from Zoom car for long time like 1 or 2 year. and you don't require to give any type of down payment to Company directly rent will be start and this rent in they give huge discount. After purchasing car we will start our car to give on rent in free days and earn money.

Zoom car Funding :-

   Zoom car has raised a total 45.2 million dollars from group of investing in total 6 round of funding.

In October 2013 the company raised 1.6 million dollars as seed funding from Nurhaci Markisha, Barbara Judge, basset Investment Group  and many  more. 

Series A:- 

   In series A round of Funding held in October 2014 Zoom car raised  8 million dollars from  some of the existing investors and new investors like Athene capital, VentureOuq, Pranav Pai, Mohandas Pai, Abhay jain, Empire Angels, Founders Club ,Basset Investment Group and many more.

 Then, In 2015 Company received 11 Million dollars as a venture capital from Empire Angels, Nokia Growth Partners, Basset Investment Group, Fabrice Grinda, Jose Marine.

Series B:-

  This round held last year in July in which Zoom car  managed to raise 24 million dollars OutCrowdgcai, VentureSouq, Ford smart Mobility, Nokia Growth Partners, Empire  Angels, Reliance venture Asset Management, Sequoia Capital.

Target Audience:-

 For now, Zoom car's audience has been restricted to mainly tier-1 and tier-2 metros in India. They have opted for an approach of maintaining a very hyperlocal and dense network in existing cities, rather than going far and wide.