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BANGALORE - Zoomcar (OTCQX:ZCAR), India’s peer-to-peer car sharing marketplace with current annual revenues of $9.11 million, has expanded its home delivery service to 14 cities across India, according to a press release issued Wednesday. According to InvestingPro data, the company currently maintains a market capitalization of $3.27 million.
The company has implemented a dual approach to enhance its delivery capabilities, revamping its host delivery system and partnering with third-party driver platforms to fulfill deliveries when hosts are unavailable.
The service is currently operational in Bangalore, Mumbai, Chennai, Delhi, Hyderabad, Pune, Kanpur, Jaipur, Chandigarh, Ahmedabad, Nasik, Vizag, and Kochi, with plans to expand to additional markets by the end of August.
Zoomcar has replaced its previous delivery system with a more flexible approach allowing hosts to set specific delivery zones, target high-demand areas like airports and business districts, and control availability by time of day. The company reports this change has led to a 10% increase in host participation.
Currently, 12% of total bookings are fulfilled via home delivery, a figure the company expects to double as the service expands to more cities.
"Home Delivery is a game-changer for urban mobility," said Anirudh Lamba, Head of Brand & Partnerships at Zoomcar, in the press release statement.
Zoomcar, founded in 2013, operates in over 90 cities across India with more than 40,000 cars and 10 million users, according to company data provided in the release. Get exclusive access to 14+ additional crucial financial insights about Zoomcar with InvestingPro, including detailed analysis of the company’s cash flow and debt position.
In other recent news, Zoomcar Holdings, Inc. has introduced a new business-to-business dashboard named "ZoomPro" for fleet partners in India. This platform is designed to help fleet operators manage vehicles, pricing, and bookings more efficiently, independent of the Zoomcar mobile app. Key features of ZoomPro include centralized booking views, multi-user access, real-time vehicle reassignment, performance tracking, and AI-driven pricing recommendations. Additionally, Zoomcar has announced a strategic partnership with Wego, a leading travel app and online marketplace in the Middle East and North Africa region. This collaboration aims to address the changing needs of global travelers, particularly in light of increased airfares and currency fluctuations. The partnership highlights India’s appeal as a travel destination, offering diverse road-trip opportunities and favorable exchange rates. These recent developments underscore Zoomcar’s efforts to expand its services and enhance user experience in the self-drive rental market.
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