Zoomcar Plans to Add 20,000 Additional Cars by 2025

BusinessWire India

Bengaluru (Karnataka) [India], May 17: Zoomcar Holdings, Inc. ("Zoomcar" or the "Company") (Nasdaq: ZCAR), the NASDAQ-listed leading marketplace for self-drive car sharing, has pumped up their efforts to help local car Hosts add more cars to grow their micro businesses on Zoomcar. Through synergistic partnerships with industry leaders such as CARS24, ACKO Drive, Spinny, and Droom, Zoomcar is making car sharing more convenient and cost-effective with customised offers on car buying and financing.

Zoomcar's car-sharing business model has opened up opportunities for micro-entrepreneurship to car owners where they can Host their car to earn instant income by sharing it on Zoomcar where more than 10M verified guests book their cars for their travel needs. On average Zoomcar Hosts earn up to Rs 7L per year with one car, which varies by car models and car quality. As of Q3 2023, Zoomcar Hosts earned approximately USD 4 million, marking a significant milestone in providing financial stability to individuals from diverse backgrounds.

In the past few months, Zoomcar announced partnerships with industry leaders to boost car buying for new and existing Hosts. With CARS24, Zoomcar Hosts get an exclusive offer of up to Rs 1,00,000 off along with special benefits of Rs 20,000 on certified pre-owned car purchases. ACKO Drive is facilitating savings of up to Rs 85,000 exclusively on buying new cars coupled with enticing incentives on car financing, featuring instant loan approval and expedited car delivery, among other perks.

Building on this success, Zoomcar extended these unique offers to their community of over 25,000 Hosts, with 2000+ Hosts showing immediate interest in purchasing additional vehicles within the next 1-2 months. The overwhelming response from Zoomcar Hosts underscores the resonance of these collaborations within the community. While the guest community is growing at a fast pace with over 85 per cent of users giving a 4.5+ star rating for their bookings, Zoomcar is poised to further expand its platform, targeting an addition of over 5000 cars by the end of FY24, and over 20,000 cars by the end of FY2025 to aid the growing demand.

Naveen Jain, a multicar Host on Zoomcar from Ahmedabad, added 1 more car to the platform from CARS24 said, "My Zoomcar experience has been fantastic. After listing my Baleno six months ago, I quickly earned nearly 1.5 lakh with numerous bookings. This success encouraged me to expand my fleet and when I heard about Zoomcar's partnership with CARS24 along with the extra discounts & benefits, I wasted no time. Upon test driving, I immediately fell for a premium car, swiftly purchasing it in a day."

Dharmaraj from Coimbatore, another multicar Host on Zoomcar adds, "It's been over a year now since I started Hosting cars, and during this time, I discovered a simple way to double my earnings: by Hosting more cars. Adding another car through CARS24 was hassle-free and straightforward and became a no-brainer when I found out about the Zero down payment offer. With this in mind, I've decided to expand my listings to include a Baleno as well, thereby increasing my potential income."

Commenting on the success of the partnerships, Greg Moran, Co-founder & CEO at Zoomcar, said "We want to make Hosting a car on Zoomcar as popular as booking a car on Zoomcar. Our strategic partnerships with industry players have been instrumental in driving growth and success for our Hosts. We are committed to providing them with the best opportunities to expand their business and increase earnings while aiming to add over 20,000 cars to our platform by fiscal year 2025."

Zoomcar's partnership tie-ups are enhancing earnings for Hosts and also offering avenues for expanding their fleets, promoting economic stability, and fostering entrepreneurial spirit within communities. They not only address the Hosts' need for affordable and reliable vehicles but also pave the way for sustainable car-sharing solutions. By joining Zoomcar as a Host, individuals embrace a future characterised by growth, innovation, and prosperity.

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused on emerging markets. The Zoomcar community connects Hosts with guests who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in growing markets.

Forward Looking Statement:

This press release may contain forward-looking statements about our plans, efforts, projections, goals, assumptions, commitments, expectations, or prospects arising out of the listed alliances. These forward-looking statements reflect our management's current expectations from these partnerships and these statements entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as "may", "will", "aim", "extend", "increase", "estimate", "intend", "target", "continue", "expand", "grow", "believe", "elevate", "build" , "driving" or "enhance", "encourage" or the negatives thereof, as well as other variations or comparable terminology. We ask that you read statements that contain these terms carefully because we believe this information is important for our investors and customers. Any forward-looking statement in this press release refers solely to what is accurate as of the day it is issued or based on assumptions that Zoomcar believes to be reasonable. The actual results and outcomes may materially differ due to various factors or events beyond our control which may not be foreseeable at all times. We cannot guarantee or assure any plan, initiative, projection, goal, assumption, commitment, expectation, or prospect set forth in this press release can or will be achieved. We undertake no obligation to alter or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as required by law.

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