According to International Business Times, Ford Smart Mobility LLC – a recently-formed subsidiary of the Ford Motor Company – has just invested a total of $15 million into Banglore, India-based car rental company Zoomcar.
Zoomcar was launched in 2012, and offers a fleet of cars rentable by the hour, day, week, or month, depending on the user’s needs. Ford itself operates pay-per-mile car-sharing fleets in a number of markets worldwide, including in India.
IBTimes reports that this marks Ford’s first investment in an Indian startup company. Meanwhile, Ford has made plenty of investments in startups – along with more established companies – worldwide, especially in the US. Recent investments include several million in 3D-map-maker Civil Maps, and $182 million in software company Pivotal.
It’s uncertain at this juncture why Ford decided to contribute $15 million to the Zoomcar’s fundraising efforts. The Indian startup has now raised a total of $46 million, and has a fleet of more than 1,600 cars with around a 75-percent occupancy rate.