Zoomcar, an Indian car sharing marketplace, this week expanded into the Philippines, following last month’s Vietnam market entry.
The company said it planned to invest $25 million in the Philippines within the next 12 months, aiming at a 1,000-strong car fleet by January 2022 and a target of 20,000 cars on the marketplace by the end of next year.
Zoomcar said it would partner with individual vehicle owners and small and medium-sized companies that own multiple vehicles to reach its objectives. The company allows users to rent cars by the month, week, day or even by the hour.
The Bangalore-based Zoomcar will launch initially only in Manila, then expand to Cebu and Davao later in 2022. The company said it hopes to cover 20 cities across the Philippines by 2023.
Zoomcar, which dominates the self-drive car rental market in India, appointed Gene Angelo Ferrer as its country head in the Philippines. Ferrer formerly headed the Philippines operations of Dostavista, the Russian same-day delivery service.
In November, Zoomcar raised $92 million in a new financing round as it looked to expand its car-sharing marketplace.
SternAegis Ventures led the eight-year-old startup’s Series E financing round, which brought Zoomcar’s total fundraising to $207 million.
Backed by Sequoia Capital India, Zoomcar employs about 300 people. It also maintains partnerships with banks and insurance firms and offers a range of cars, from compact to luxury.
“We are the largest emerging market-focused marketplace for car sharing in the world,” co-founder Greg Moran told TechCrunch. “Think of us as Airbnb for cars, but for emerging markets.”
- George Russell