Zoomcar, India’s car-leasing startup, has announced that it plans on launching its business in Vietnam shortly.
Kiet Pham is going to be at the forefront in leading the business in Vietnam as the country head of Zoomcar. Formerly, he was in senior management posts in Oyo and Gojek. He is going to launch Zoomcar as the first car-sharing business in the Vietnamese market, the company shared in its statement.
Pham acknowledged that he looks forward to instituting Zoomcar in the Vietnamese market along with functioning directly with the startup’s team as well. He also stated in the company’s report that he wants to further augment the company’s market curve with his assistance.
Zoomcar has previously made a strong presence in the markets of the Philippines and Egypt, before entering the Vietnamese market now.
In a report by the company in August, it came to be known that Zoomcar plans to tap into the Southeast Asian markets as well. There, Zoomcar intends to put in around 100M USD in the upcoming two-three years. The amount is subject to vary over time; it may increase as the company is determined to radically ramp up its business in that area.
The recent action came immediately after the company’s 92M USD fundraise directed via SternAegis Ventures. The event also witnessed the involvement of many institutional investors and family offices.
Zoomcar stated that it aims to expand its car-rental business in the markets of Asia, India, North Africa, and the Middle East, using these funds. Other plans consist of investments in the data science and engineering fields, machine learning functions, and IoT solutions.
Zoomcar is also aiming to establish a new set-up in San Francisco before its USA listing. So far, the startup has 10,000 cars in its wing, but it wants to fly high with the nine-digit-million figure in USD. And this may occur in the subsequent few months.