Mahindra and Mahindra led the round with a $27.3m commitment that gave it a 16% stake in the car sharing platform, valuing it at about $170m.
India-based car rental service Zoomcar has raised $40m in a series C round led by automotive manufacturing conglomerate Mahindra and Mahindra, the Economic Times reported on Friday.
Existing investors also participated in the round, according to the report, which identified Nokia Growth Partners (NGP), the corporate venturing arm of communications technology producer Nokia, as well as Sequoia Capital and Empire Angels.
Mahindra paid $27.3m for a 16% stake in the business, investing in Zoomcar’s US holding company through its Mahindra…
