Mumbai, Feb 16 (UNI)Auto Major, Mahindra & Mahindra Ltd, today said that it would be investing in Zoomcar India Private Limited and in Zoomcar Inc, its US incorporated holding parent company, in keeping

with the Mahindra’s thrust on the Shared Mobility Business.

Under the aegis of the deal, Mahindra Group would invest up to Rs 176 crore in Zoomcar India or Zoomcar Inc. which, on an as converted to common stock of Zoomcar Inc on a fully diluted basis, would constitute approximately 16% stake in Zoomcar Inc.

Mahindra has been keen to invest in the shared mobility space as a part of its strategy to promote and participate in sustainable mobility solutions, including multi modal urban mobility. This is with the objective of enabling improved livelihoods and lifestyles of people, thereby enabling them to RISE. To that end, Mahindra has

been promoting Electric Vehicles along with the promotion of shared mobility. This investment in India’s leading self-drive shared mobility company will enable the company to further its objectives in this area.

Speaking on the development, Dr Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd mentioned, 'At Mahindra, we are playing a pioneering role in the shared mobility business and are looking forward to an impetus in it through this investment in Zoomcar. We are confident that this partnership with Zoomcar will help further our vision to transform mobility in the country, thereby creating a more connected ecosystem'.

Greg Moran, Co-Founder & CEO, Zoomcar said, 'We are incredibly excited to welcome the Mahindra team on board for this next phase of growth, within the Indian self-drive mobility space. Our collaboration with Mahindra dates back to 2013 when we first kicked off in Bangalore. Most importantly, Mahindra shares Zoomcar’s vision for multi-modal urban mobility and we look forward to leveraging their diverse platform to help accelerate the transformation to a shared, electric mobility future for India'.



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