The vehicle rental service has reportedly signed a term sheet for a round that will involve $30m from Mahindra & Mahindra and $20m from Ford.
Vehicle and industrial equipment producer Mahindra & Mahindra and Ford Smart Mobility, a subsidiary of carmaker Ford, have agreed to invest $50m in India-based vehicle rental service Zoomcar, VCCircle reported today.
Zoomcar has signed a term sheet with the corporates for a deal that will value it at about $200m, and which is set to close in the next few weeks, according to two people familiar with the development. Mahindra will provide roughly $30m with Ford putting up the remaining…
