Zoomcar registers 40% revenue growth in 2017

Self-drive car rental service startup Zoomcar claims to have become operationally profitable in December 2017.
According to Greg Moran, CEO of Zoomcar, the company's revenues are up over 40% from the previous year and the company may now plan to enter Southeast Asia and Africa in 2018.
"As we have added more fleet, we have been able to have much higher gross profit; our gross profit has gone up considerably; our fixed cost base is efficient and we don't have a massive headcount and we don't have significant marketing spends; [we have] more organic growth," said Moran to ET, explaining how the company hit operational profitability last month.
The company presently has a fleet size of over 3000 vehicles and a customer base of over 3 million individuals across 27 cities in India, with plans to expand to a few more cities next month.
According to Moran, this year the company will continue to build out its marketplace model and will focus on going deeper into existing cities in India, besides exploring international markets.
"We have seen stronger app penetration in tier two markets than tier one, in terms of challenges it was more about hitting scale and cost efficiency to reach operational profitability," added Moran. However, the company still sees maximum demand from the top five metropolitan cities in India.
The company recently launched a bicycle sharing service called PEDL that is available across seven cities in select corporate parks, communities and educational institutions including IISC Bangalore. Zoomcar's marketplace model, Zoomcar Associate Programme, which launched in 2016, has allowed users to buy vehicles on the company's behalf.

Trending News

Why Amazon’s Flipkart bid is just not high enough

Selling without MRP, expiry dates to cost etailers

TCS hits $100Bn market cap: A new phase for India Inc?

Snapdeal posts Rs 4,647 crore net loss in 2016-17

Flipkart-Walmart deal: What it means for the etailer and the whole industry

NCLAT stays CCI penalty of Rs 136cr on Google in search bias case

Walmart may rope in Google parent Alphabet for the Flipkart deal

Internet shutdown cost Indian economy $3 billion from 2012-17: Study

Flipkart and Amazon plan mega summer sales in May

International sales now account for 48% of Twitter's revenues

70% of mobile phones buyers in India opt for non-cash payments

Amazon India expects groceries & household products to account for 50% of business in 5 yrs

India to come out with a E-commerce policy framework in 6 months

Online learning platform Career Anna raises Rs 3 Cr funding

Wal-Mart will offer to buy up to 86% of Flipkart

Agritech startups Sabziwala and LivLush merge their business under new entity Kamatan

Avail Finance lands $17.2M from Matrix Partners & Ola, Freecharge and Flipkart founders

RBI suggests tax sops, self-regulation to build fintech space

Swiggy hires new CEO for its Access Service, gets new CFO

Logistics company Delhivery registers 44% increase in FY17 revenues

WeWork to acquire one of the oldest social networks, Meetup

Qualcomm rejects Broadcom's $103 billion offer

EasyRewardz gets $2 million Series-A funding

'Anemic' iPhone 8 demand drags Apple shares lower

Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

On festive sales, Flipkart says 65% clients from Tier-II cities