Zoomcar aims to add over 20,000 cars by the end of fiscal year 2025

Bengaluru, May 08, 2024: Zoomcar Holdings, Inc. ("Zoomcar" or the "Company") (Nasdaq: ZCAR), the NASDAQ-listed leading marketplace for self-drive car sharing, has pumped up their efforts to help local car Hosts add more cars to grow their micro businesses on Zoomcar. Through synergistic partnerships with industry leaders such as Cars24, ACKO Drive, Spinny, and Droom, Zoomcar is making car sharing more convenient and cost-effective with customised offers on car buying and financing.

Zoomcar's car-sharing business model has opened up opportunities for micro-entrepreneurship to car owners where they can Host their car to earn instant income by sharing it on Zoomcar where more than 10M verified guests book their cars for their travel needs. On average Zoomcar Hosts earn up to Rs.7L per year with one car, which varies by car models and car quality. As of Q3 2023, Zoomcar Hosts earned approximately $4 million, marking a significant milestone in providing financial stability to individuals from diverse backgrounds.

In the past few months, Zoomcar announced partnerships with industry leaders to boost car buying for new and existing Hosts. With Cars24, Zoomcar Hosts get an exclusive offer of up to Rs. 1,00,000 off along with special benefits of Rs. 20,000 on certified pre-owned car purchases. ACKO Drive is facilitating savings of up to INR 85,000 exclusively on buying new cars coupled with enticing incentives on car financing, featuring instant loan approval and expedited car delivery, among other perks.

Building on this success, Zoomcar extended these unique offers to their community of over 25,000 Hosts, with 2000+ Hosts showing immediate interest in purchasing additional vehicles within the next 1-2 months. The overwhelming response from Zoomcar Hosts underscores the resonance of these collaborations within the community. While the guest community is growing at a fast pace with over 85% of users giving a 4.5+ star rating for their bookings, Zoomcar is poised to further expand its platform, targeting an addition of over 5000 cars by the end of FY24, and over 20,000 cars by the end of FY2025 to aid the growing demand.

Naveen Jain, a multicar Host on Zoomcar from Ahmedabad, added 1 more car to the platform from Cars24 said, "My Zoomcar experience has been fantastic. After listing my Baleno six months ago, I quickly earned nearly 1.5 lakh with numerous bookings. This success encouraged me to expand my fleet and when I heard about Zoomcar's partnership with CARS24 along with the extra discounts & benefits, I wasted no time. Upon test driving, I immediately fell for a premium car, swiftly purchasing it in a day."

Dharmaraj from Coimbatore, another multicar Host on Zoomcar adds, "It's been over a year now since I started Hosting cars, and during this time, I discovered a simple way to double my earnings: by Hosting more cars. Adding another car through CARS24 was hassle-free and straightforward and became a no-brainer when I found out about the Zero down payment offer. With this in mind, I've decided to expand my listings to include a Baleno as well, thereby increasing my potential income".

Commenting on the success of the partnerships, Greg Moran, Co-founder & CEO at Zoomcar, said "We want to make Hosting a car on Zoomcar as popular as booking a car on Zoomcar. Our strategic partnerships with industry players have been instrumental in driving growth and success for our Hosts. We are committed to providing them with the best opportunities to expand their business and increase earnings while aiming to add over 20,000 cars to our platform by fiscal year 2025."

Zoomcar's partnership tie-ups are enhancing earnings for Hosts and also offering avenues for expanding their fleets, promoting economic stability, and fostering entrepreneurial spirit within communities. They not only address the Hosts' need for affordable and reliable vehicles but also pave the way for sustainable car-sharing solutions. By joining Zoomcar as a Host, individuals embrace a future characterised by growth, innovation, and prosperity.

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