Zoomcar Secures $9.15M in Funding round

Zoomcar, a self-drive car-sharing platform, announced a $9.15 million fundraising from institutional investors. The funds will address $3.8 million in debt and support corporate functions. Zoomcar issued 2,137,850 units with two types of stock warrants, facilitated by Aegis Capital Corp.

Zoomcar, the car-sharing platform renowned for its self-drive model, announced that it successfully raised $9.15 million from institutional investors this Friday, a step that fortifies its financial position.

Of this sum, nearly $3.8 million will be allocated toward debt repayment, with the remaining balance earmarked for general corporate purposes and to bolster working capital needs. The company thus aims for stronger operational resilience.

The funding round, facilitated by Aegis Capital Corp, saw the issuance of 2,137,850 units at an effective price of $4.28 each. These units came with one common stock share and two Series A warrants, among other benefits, to promote broader investment appeal.

(With inputs from agencies.)