Zoomcar, a marketplace for car sharing in emerging markets, and CARS24, an AutoTech platform for used cars in India, have joined to provide more support for local car-sharing hosts, the companies announced Feb. 7.
Through this strategic partnership with Cars24, Zoomcar will aid its hosts in growing their fleets and potentially increase their earnings by offering car purchases and flexible financing options.
Zoomcar hosts can now take advantage of financial products that save on the costs of pre-inspected and certified used car purchases from CARS24. This effort helps meet the critical need for affordable and reliable vehicles for hosts while enabling them to expand their small businesses with lower upfront capital investment.
Used cars, known for their practicality and affordability, present a long-term option for Zoomcar hosts who can also upgrade their current vehicles on CARS24.
Zoomcar offers cars shared by local hosts across 45+ cities, including pick-up and delivery options at transit points like airports and railway stations with a comprehensive portfolio of cars across categories: Hatchbacks, sedans, MUVs, SUVs, EVs, and luxury cars.
Greg Moran, CEO and co-founder of Zoomcar, said in a Feb. 7 news release: “As a platform, we’ve witnessed exceptional growth in the number of hosts, and we expect this number to grow even more as we continue to unlock incremental value through these customized financing products. Reducing the cost to acquire a vehicle is a fundamental part of our longer-term strategy to democratize vehicle access for millions of potential vehicle-owning, micro-entrepreneurs across the country. This is the lifeblood which fuels the flywheel of our car sharing marketplace.”
Founded in 2013 and headquartered in Bengaluru, India, Zoomcar recently went public on the NASDAQ stock markets.