Zoom (carsharing)

ZoomCar (Car-Sharing)
Industry Car-Sharing
Founded February 2013
Bangalore, India
Founder David Back, Greg Moran
Headquarters Bangalore, India
Area served
 Bangalore, Pune, Delhi/NCR [1]
Services Car sharing & car rental
Website www.zoomcar.com

Zoom is a self-drive car sharing company in India.[2] David Back and Greg Moran launched Zoom in February 2013 in Bangalore, India.[3]

History

Zoom co-founders, David Back and Greg Moran, met while studying at the University of Pennsylvania,[4] where both graduated from in 2007. While Back studied at Harvard Law School[5] and Moran worked on energy financing projects,.[6] The pair also went on to business school with full scholarships, Moran at the University of Southern California and Back at the Judge Business School at Cambridge University.

Back and Moran both dropped out to move to India and pursue Zoom.[7] Zoom officially launched operations in Bangalore in 2013.[8] Zoom started with a fleet of seven cars[9] As of October 2014, Zoom operates more than 250 cars in Bangalore.[10]

Zoom's Board of Directors include Graham Gullans, co-founder of Empire Angels. Zoom's Board of Advisors includes former United States Treasury Secretary and former Director of the United States’ National Economic Council, Larry Summers,[11][12] and Chair of the UK's Pension Protection Fund and former US SEC Commissioner Lady Barbara Judge.[13] Back met Summers at Harvard University, where Back was a teaching assistant to Summers.[14]

Zoom has raised a total of ~$3 million in equity capital. It raised a $1.5M seed round led by New York investment network Empire Angels, with the proceeds going toward technology, hiring, and an expanding fleet.[15] Investors included the San Francisco-based VC firm Funders Club, Basset Investment Group and private angel investors.[16]

Partnerships

Zoom partners with the auto manufacturers like Ford & Mahindra which allowed them to become the first car rental company in India to offer an electric vehicle (the Mahindra REVA E2O by Mahindra) and the Ford EcoSport "urban SUV by Ford” in 2013.[17] Zoom also works with locally established real estate developers, universities, hotels, and corporate IT parks to secure parking for its vehicles and offer pick-up points to its members.[18]

In November 2013, Zoom, Uber (a cab booking mobile app provider) and the Ashoka Foundation came together and launched a month-long campaign in Bangalore called RideSmartBLR to encourage car-sharing and discourage drunk driving for it’s health, economical and environmental benefits.[19]

Zoom was a member of Microsoft's Accelerator Plus program in Bangalore.[20] This program is designed to provide more tailored assistance to later-stage start-ups as they scale their business and raise capital.[21]

References

  1. ↑ http://www.zoomcar.com/delhi
  2. ↑ "Featured Member : Greg Moran". TIE Bangalore Chapter.
  3. ↑ "14 startups to look forward to in 2014". The Economic Times. Retrieved 11 March 2014.
  4. ↑ "High-tech entrepreneurs flock to India". PBS NewsHour. Retrieved 11 March 2014.
  5. ↑ "President's challenge finalists selected". The Crimson.
  6. ↑ Radhika Koppanur. "Zoom Creates Self Drive Car Market Segment in India". vyapaari.in. Retrieved 11 March 2014.
  7. ↑ Mark Bergen (8 August 2013). "Indian Drivers Attract Larry Summers". Wall Street Journal India. Retrieved 11 March 2014.
  8. ↑ Pranbihanga Borpuzari (23 March 2013). "Zoom Inc. lets its customers enjoy the benefits of using a car without having to own it". Entrepreneur. Retrieved 11 March 2014.
  9. ↑ "Attacking a $3 billion rent a car market". forbes.com. Retrieved 11 March 2014.
  10. ↑ "Zoom: The 2nd Largest Car-Sharing Company in the Developing World". Zoom Car Blog. 1 February 2014. Retrieved 11 March 2014.
  11. ↑ Anuj Srivas (4 June 2013). "Larry Summers puts money in ZoomCar". The Hindu. Retrieved 11 March 2014.
  12. ↑ Pooja Sareen (12 July 2013). "Car rental service Zoom raises USD 200,000 to expand vehicles fleet and boost tech". iamwire. Retrieved 11 March 2014.
  13. ↑ Jubin Mehta (1 April 2013). "Foreigner duo startup Zoom to accelerate the self-drive concept in India ... read more on yourstory.com". yourstory.com. Retrieved 11 March 2014.
  14. ↑ Mark Bergen (August 8, 2013). "Indian Drivers Attract Larry Summers". Wall Street Journal India.
  15. ↑ Sainul K Abudheen (October 2, 2013). "Self-drive car rental service Zoom secures over $1.6M in seed funding led by New York-based Empire Angels". techcircle.in. Retrieved 11 March 2014.
  16. ↑ Sainul K Abudheen (October 2, 2013). "Self-drive car rental service Zoom secures over $1.6M in seed funding led by New York-based Empire Angels". techcircle.in. Retrieved 11 March 2014.
  17. ↑ "Zoom Chooses Ford to Pioneer Innovative Car Rental Service in India". @Fordonline. 24 April 2013. Retrieved 11 March 2014.
  18. ↑ "Featured Member : Greg Moran". TIE Bangalore Chapter.
  19. ↑ Shilpa Phadnis (Nov 21, 2013). "ZoomCar, Uber launch smart riding campaign in Bangalore". The Times Of India. Retrieved 11 March 2014.
  20. ↑ "Microsoft Accelerator Launches New Program For Late Stage Startups In India".
  21. ↑ Economictimes.com (Feb 11, 2014). "16 tech startups selected for Microsoft Ventures Accelerator Program's latest batch". The Economic Times. Retrieved 11 March 2014.

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