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Indian Car Rental Giant Zoomcar to Launch In Philippines with $25 Million Investment

The company stated that their aim is to hit a nine-digit million valuation once they go public.

Zoomcar

Founded in 2013 by Beck & Moran, Zoomcar is a very popular car rental service in India. It allows users to book a car simply from their smartphone, use it for as long as they want to, and then return it, all for a small fee. Since its launch in select Indian cities, the brand has been aggressively expanding not only in the Indian subcontinent but also in other South-East Asian countries.

Right now anybody can rent a Zoomcar almost anywhere in India, and the service is extremely popular amongst the young generation. Zoomcar was made available earlier this year in Egypt, and later in Vietnam. Now, they have announced a grand opening in Manila, the metro city of the Philippines, soon to be followed by rollouts in Cebu and Davao.

Clearly, the brand is showing aggressive tendencies, as it promises to roll out 1,000 vehicles early next year and 20 times that figure by the end of the same year! The idea of the Zoomcar is quite promising, and it plans to partner with Philippine-based SMEs that own multiple vehicles to reach their desired numbers. 

If successful, this will be their boldest move yet! Not only will they be making a huge amount of profit, but they will also not be required to invest in buying a large number of vehicles.

Zoomcar plans to go public in the US market soon, which will definitely raise the company valuation, and this South-East Asian rollout is clearly a marker to reach that desired goal. 

The company stated that their aim is to hit a nine-digit million valuation once they go public. Whether this will be possible or not only time will tell, but for now, Zoomcar will be available in four countries by 2022.

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