BUSINESS

By 2025, Zoomcar intends to add 20,000 more vehicles

May 17, Bengaluru (Karnataka), India The top marketplace for self-drive car sharing, Zoomcar Holdings, Inc. (Nasdaq: ZCAR), a NASDAQ-listed company, has increased its efforts to support local car hosts in adding additional vehicles to expand their microbusinesses on Zoomcar. Zoomcar is enhancing the convenience and affordability of car sharing via its collaborative collaborations with leading companies in the sector, including CARS24, ACKO Drive, Spinny, and Droom. The company provides tailored finance and purchase options for cars.

Owners of automobiles now have additional chances for micro-entrepreneurship thanks to Zoomcar’s car-sharing business model. More than 10 million verified guests hire cars on Zoomcar for their travel requirements, allowing car owners to host their vehicle and earn money right away. Zoomcar Hosts may make up to Rs 7 lakh a year on average with one car, depending on the brand and condition of the vehicle. Zoomcar Hosts made almost USD 4 million as of Q3 2023, which is a noteworthy accomplishment in giving people from a variety of backgrounds financial security.

Zoomcar has forged alliances with top companies in the sector in recent months to encourage car purchases by both new and returning hosts. Zoomcar Hosts may take advantage of a special offer of up to Rs 1,00,000 and other advantages of Rs 20,000 when they buy certified pre-owned cars via CARS24. Among other benefits, ACKO Drive is offering discounts of up to Rs 85,000 on new vehicle purchases, along with alluring incentives for auto financing that include quick loan approval and quick automobile delivery.

Expanding on this success, Zoomcar made these special offers available to their community of over 25,000 hosts, and more than 2000 hosts expressed an instant desire to buy more cars within the next one to two months. The tremendous reaction from Zoomcar hosts highlights how well-received these partnerships are in the community. With over 85% of users rating their reservations with 4.5 stars or higher, Zoomcar’s guest community is expanding quickly. To meet the increasing demand, Zoomcar plans to add over 5,000 cars by the end of FY24 and over 20,000 cars by the end of FY2025.

“My Zoomcar experience has been fantastic,” said Naveen Jain, an Ahmedabad-based multicar host on Zoomcar who just added one additional car to the platform from CARS24. Six months ago, I listed my Baleno and got about 1.5 lakh in bookings quite rapidly. My fleet was growing as a result of this success, so I acted quickly to learn about Zoomcar’s connection with CARS24 and the additional savings and advantages. After taking a test drive, I fell in love with a high-end vehicle and bought it the same day.”

Another multicar host on Zoomcar, Dharmaraj from Coimbatore, continues, “I’ve been hosting vehicles for more than a year now, and during this time, I found a simple method to quadruple my earnings: by hosting additional cars. When I learned about the zero-down payment offer, adding another automobile via CARS24 became a no-brainer. It was simple and hassle-free. In light of this, I’ve made the decision to add a Baleno to my listings in order to increase my prospective revenue.”

Greg Moran, co-founder and CEO of Zoomcar, commented on the partnerships’ success, saying, “We want to make hosting a car on Zoomcar as popular as booking a car on Zoomcar.” Our hosts’ development and success have been greatly aided by our strategic alliances with major players in the sector. In addition to our goal of adding more than 20,000 automobiles to our platform by the end of the fiscal year 2025, we are dedicated to giving them the greatest chances to grow their company and boost profits.”

Zoomcar’s partnerships are increasing profits for hosts and providing opportunities for fleet expansion, economic stability, and the development of an entrepreneurial spirit in local communities. They open the door for long-term car-sharing alternatives in addition to meeting the needs of the hosts for reasonably priced and dependable automobiles. People who become hosts on Zoomcar embrace a future of expansion, creativity, and success.

Zoomcar is a prominent car-sharing marketplace that focuses on developing regions. It was founded in 2013 and has its headquarters in Bengaluru, India. The Zoomcar network links hosts and renters who pick from a range of automobiles at reasonable rates, encouraging environmentally friendly and intelligent mobility options in expanding markets.

Prognostication:

Forward-looking statements about our intentions, plans, activities, objectives, assumptions, promises, expectations, or prospects resulting from the stated relationships may be included in this news release. These predictions, which include a great deal of risk and uncertainty, are a reflection of our management’s present expectations from these collaborations. The terms “may”, “will”, “aim”, “extend”, “increase”, “estimate”, “intend”, “target”, “continue”, “expand”, “grow”, “believe”, “elevate”, “build”, “driving” or “enhance”, “encourage” or their negatives, as well as other variations or comparable terminology, are used to identify these forward-looking statements. We feel that our investors and customers should be aware of this information; therefore, we urge that you carefully read any statements that include these words. Any forward-looking statement included in this press release relates only to the information that is true as of the publication date or is predicated on estimates that Zoomcar considers to be reasonable. The actual findings and outcomes might vary significantly from what is predicted at all times owing to a variety of uncontrollable circumstances or situations. Plans, initiatives, projections, goals, assumptions, commitments, expectations, and prospects described in this news release are neither certain nor guaranteed to be realized. With the exception of situations where it is required by law, we assume no responsibility to update or publicly amend any forward-looking statements, whether as a result of new information, events in the future, or otherwise.

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