Zoomcar has said that it is on track to expand its fleet substantially, targeting the addition of over 5000 cars by the end of FY24 and over 20,000 cars by the end of FY25.
This expansion not only caters to the growing demand for self-drive car rentals but also promotes economic stability and fosters entrepreneurial spirit within communities, it said in a media release on Wednesday.
In March, ET had reported that Zoomcar is enhancing incentives for its hosts through third-party deals to meet demand-supply challenges and drive growth in the car-sharing marketplace.
Zoomcar has partnered with industry leaders such as Cars24, ACKO Drive, Spinny, and Droom. The company has said that these collaborations are further designed to make car sharing more accessible and cost-effective, offering customized offers on car buying and financing.
With over 10 million verified guests availing themselves of Zoomcar’s services, hosts stand to earn up to Rs. 7 lakhs per year on average.The company also said that its recent partnerships have received significant traction, with hosts benefiting from exclusive offers and incentives. For instance, hosts partnering with Cars24 can avail themselves of discounts of up to Rs. 1,00,000, along with special benefits on certified pre-owned car purchases, Zoomcar explained. Similarly, ACKO Drive offers savings of up to INR 85,000 exclusively on new car acquisitions, coupled with enticing incentives on car financing.
On March 27, Nasdaq-listed Zoomcar partnered with car-buying platform Acko Drive to empower local hosts to expand their car fleet. Acko Drive will offer Zoomcar hosts savings of up to Rs 85,000 on new car purchases, along with other offers on car financing with instant loan approval and express car delivery.
Prior to this, Zoomcar also partnered with Delhi NCR-based used-car marketplace Cars24 on February 7 to aid its hosts in fleet expansion and increase earnings from car sharing.
Additionally, the response from Zoomcar hosts has been quite positive, with over 2000 hosts expressing immediate interest in purchasing additional vehicles within the next 1-2 months, it said.
In India, Zoomcar has witnessed double-digit growth in supply across all major regions, boasting a commanding 95% market share in the car-sharing sector. Notably, key cities like Bangalore, Delhi, and Mumbai contribute significantly to this stronghold.
Expanding its reach beyond Indian borders, Zoomcar has established operations in Indonesia and Egypt. Looking ahead, the company is eyeing entry into new markets across South East Asia, Sub-Saharan Africa, Latin America, and Central Asia.