SAN JUAN, PUERTO RICO / ACCESSWIRE / March 26, 2021 / In 2013, Greg Moran set out to answer a question that no one before him had found an answer to: can automobile usage be made affordable and sustainable in India? Fast forward to today, Moran's Zoomcar app has been downloaded over 25 million times with 5 million active users currently operating in over 45 cities. With 5,000+ vehicles already in fleet, his Zoomcars have driven upwards of 2 ½ billion kilometers in India, and according to Moran, he is just getting started.
India: The Perfect Place For Zoomcar
Home to over 1.3 billion people, India is the largest English speaking democracy, with the largest middle class in the world, yet less than 3% of the population own a vehicle. High upfront costs and limited access to financing options are the obstacles many face to owning a vehicle in India. Zoomcar stands as an attractive option for those seeking the benefits of ownership without the hassle or cost.
Zoomcar is Zooming Past the Competition In India
Zoomcar is dominating the personal mobility sector in India capturing 80% of the market share to date with 58M in gross revenue in fiscal year 2020. Zoomcar is currently the only self drive app that allows a share feature: subscribers can "share back" their car on Zoomcar's short-term rental platform in return for a revenue share, reducing their effective subscription cost by as much as 70%. More importantly, Zoomcar is the only company focusing on both the product and the technology, operating in both the consumer and enterprise sides of the business. Zoomcar's Enterprise SaaS business also monetizes solutions within IoT and white-labelled subscription/rental. Zoomcar has also finalized OEM agreements with Ford, MG Motors, Mihindra, Honda and is in the process of finalizing OEM agreements with Toyota, Nissan, Renault, Tata, Hyundai. This type of subscription based sales offers a new way of purchasing a vehicle in India and this trend is catching on globally with companies like Tesla, Fisker, Ford and Volkswagen releasing subscription programs of their own.
Electric Vehicles in India: Tesla Has Come To Town
Moran is quick to point out how India will benefit from the arrival of large companies like Tesla, Samsung, LG, and Chinese battery maker CATL. These companies will increase supply of necessary materials, infrastructure, and ideas within India. "Battery cost is only going in one direction: down. The efficiency of electric vehicles is only going to get better," says Moran who has pledged to move towards an all electric fleet. Prime Minister Modi is on Moran's side. Several pieces of legislation such as the National Electric Mobility Mission Plan 2020, FAME India, as well as his EV@30 campaign all serve to promote the manufacturing and usage of electric vehicles within India. The focus on electric vehicles in India is desperately needed in order to counteract air pollution and bolster India's manufacturing and infrastructure. "It's not a matter of if, but when," says Moran who estimates it will take about 2-3 years until prices are so affordable the market just takes off. And Zoomcar is poised and ready to take advantage of the paradigm shift that is heading toward India.
India has also committed to generating roughly 40 percent of its power from renewable energy sources by 2030. In order for this to happen, India needs to invest in infrastructure generating companies like Zoomcar that will help India accomplish its goal.
What's Next for Zoomcar: Other Emerging Markets
Moran knows that like India, the emerging markets of SouthEast Asia, North Africa, and South America are facing similar challenges and he believes there may just be similar opportunities. These markets, especially in countries that are young, have a huge growing middle class, are experiencing improvements in education, and are empowered through their phones. "Zoomcar empowers individuals to take care of things without human interaction," says Moran. Zoomcar offers another unique feature within India: home delivery. Customers can order Zoomcar while experiencing the safety and convenience of having it delivered to their door. This feature is especially important for women in these markets where safety is a priority and a concern.
The Visionary Behind The Vision: CEO Greg Moran
Originally from New York City, CEO Greg Moran began his career in finance and private equity. He says he had to learn a lot very quickly when starting Zoomcar in the frenetic India. It took almost two years for Moran to set up Zoomcar and it almost didn't happen. He had to cultivate resilience, empathy, and patience on top of learning aspects of the business that were brand new to him such as tech, production, and data. But the financing and investing never really left Moran. Zoomcar has raised 115M in total equity across institutional & strategic investors and that number is expected to grow exponentially as new investment pours into India.
With the creation of Zoomcar, CEO Greg Moran has revolutionized and redefined personal mobility within India. His forward way of thinking and unique ability to address the needs of the country as a whole show that Zoomcar and Moran are indeed only just getting started.
Disrupt Media
Tony Delgado
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SOURCE: Greg Moran
View source version on accesswire.com:
https://www.accesswire.com/637636/CEO-of-Zoomcar-Greg-Moran-on-India-Its-Not-A-Matter-of-If-But-When
