Zoomcar targets profitability in India by the end of the year, powered by the organic growth of hosts and guests participating in its shared personal mobility community. Pic- Zoomcar.com
BANGALORE:
Zoomcar, the leading marketplace for car sharing in emerging markets, today announced it has over 20,000 cars live across India on its broader Zoomcar vehicle sharing platform. On the back of this strong organic growth, the company expects to achieve profitability in India by the end of 2022.
Speaking on Zoomcar’s milestones, Zoomcar Co-Founder and CEO Greg Moran, said, “We’ve been really excited by the pace of organic growth on our platform, for both hosts and guests. Our team continues to be focused on delivering delightful customer experiences on Zoomcar. Now, we’re doubling down on building more efficiencies into our marketplace, and expect to be cash-flow positive in India by the end of the year.”
Zoomcar has witnessed steady growth since its launch, with more individuals hosting their cars on the platform to earn an additional passive income. On average, Zoomcar hosts earn more than Rs 50,000 in a month, and several hosts have earned more than Rs 3 lakhs in the last 6 months.
The marketplace now also offers a selection of luxury cars from Audi, Mercedes and Mini Cooper, and new 7-seater vehicles like the Tata Safari and MG Hector Plus. Luxury car hosts have earned more than Rs 5 lakhs on Zoomcar in the last 6 months, earning on average more than Rs 70,000 a month.
Zoomcar’s unique platform facilitates car sharing. Owners of personal, private or non-transport vehicles (hosts) can list their vehicles on the platform, and eligible users (guests) can book these vehicles for personal use. Hosting on Zoomcar is easy: hosts can sign up for free, and get a complimentary car health checkup during the onboarding process.
The car is then fitted with a safety monitoring device and is then ready to list on the platform and earn income for the host once the car starts receiving bookings. Hosts have complete flexibility to share their car whenever it’s convenient. Zoomcar directly credits earnings to the hosts’ bank account. Through its host program, Zoomcar seeks to transform idle vehicle capacity by leasing private vehicles to create better utilization and dramatically reduce on-road congestion and urban air pollution in cities.
Speaking on Zoomcar’s growth, Nirmal NR, CEO, Zoomcar India said “Zoomcar’s car-sharing marketplace allows individuals access to the most diverse selection of vehicles across India, and we are thrilled to announce that we are now live with more than 20,000 cars in India on our unique car-sharing platform. We have witnessed exceptional growth in the number of hosts using our platform and can expect this to grow even more as more car owners understand the economic benefits of hosting on Zoomcar. Our steady growth is a testament to our commitment to creating localized solutions to address pressing challenges linked to urban mobility in India.”