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Mahindra & Mahindra (M&M), will be investing up to Rs.176 crore in car and bicycle rental firm Zoomcar India and Zoomcar Inc, its US incorporated holding parent company.
The company stated that, under the deal, Mahindra Group will invest up to Rs.176 crore in Zoomcar India or Zoomcar Inc which, when converted to common stock of Zoomcar Inc on a fully diluted basis, would constitute approx 16% stake in Zoomcar Inc.
Furthermore, Pawan Goenka, MD M&M stated, “We are confident that this partnership with Zoomcar will help further our vision to transform mobility in the country, thereby creating a more connected ecosystem.”
