Newly Listed Zoomcar Partners With India-based CARS24 To Empower Hosts With Fleet Expansion Opportunities

Zoomcar Holdings, Inc. ZCAR inked a pact with CARS24, an Indian AutoTech platform for pre-owned cars. 

Through a strategic partnership with Cars24, Zoomcar will assist hosts in expanding their fleets. This could boost earnings through exclusive car purchase opportunities and flexible financing options.

Zoomcar, a car-sharing platform with operations across India, Indonesia, and Egypt, recently started trading in NASDAQ on December 29, 2023.

“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 for our host ecosystem through these customized financing products,” said Greg Moran, CEO and Co-Founder Zoomcar. 

The latest collaboration addresses the critical need for affordable and reliable vehicles for hosts while empowering them to expand their small business presence with significantly lower upfront capital investment, the company said in a press release.

“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,” Moran added.

Through this partnership, Zoomcar expects to leverage CARS24’s reputation in the pre-owned car market, ensuring hosts can access high-quality used cars. 

With the latest deal, Zoomcar hosts can now take advantage of potential substantial savings of up to INR 1 lakh (~$1,204.99) along with additional benefits of up to INR 20,000 on pre-inspected and certified used car purchases from CARS24. 

Last month, Zoomcar was in the news headlines for a new product category on its platform called the Thrift Store. This new product category offers up to 50% lower pricing for same-day bookings and up to 30-45% off for next day bookings.

Price Action: ZCAR shares traded lower by 0.96% at $2.06 on Wednesday.