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Zoomcar infuses $5 Mn in its business, looks to raise more

12/06/2019| 3:14:37 PM| 中文

Zoomcar’s co-founder and CEO said that the company was looking to raise $500 Mn to entry into the unicorn club.

Bengaluru-based rental car service, Zoomcar, has raised $4.8 Mn from its US-based parent company Zoomcar Inc. This news came a month after it raised $7 Mn (INR 55.7 Cr) mix of debt and equity from its US-based parent entity Zoomcar Inc and WeWork India head Karan Virwani.

According to a Ministry of Corporate Affairs (MCA) filing of December 2 accessed by Inc42, Zoomcar Inc bought 70,402 equity shares of Zoomcar for INR 34,96,16,334 ($4.8 Mn) at a premium amount of INR 4,956 on November 8, 2019.

The previous MCA filings, which were also accessed by Inc42, stated that Zoomcar had passed a resolution to allot 97,604 equity shares worth INR 48.47 Cr ($6 Mn) to the parent entity for INR 4,956 ($69) per share on October 4. In addition, Zoomcar allotted 720 unsecured optionally convertible debentures of INR 10K each to Virwani for INR (INR 975 K).

According to business intelligence firm Paper.vc, Zoomcar held a shareholder meeting, on December 2, to pass a board resolution that would allow the company to raise INR 5.31 Cr ($740K) from Javant Davar, Monica Davar and Neel Jay Davar of Sandhar Technologies, a global manufacturer of automotive components.

According to MCA filings on December 2 accessed by Inc42, Zoomcar has sought permission to offer 89,44 and 44 unsecured, unlisted and optionally convertible debentures for INR 1 Lakh for INR 1.77 Cr ($246 K) to each of the three investors.

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TAGS: Zoomcar | India | car rental | financing
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