Zoomcar corners 70% of carpool market in India
05 Oct 2017
Zoomcar, a five-year-old start-up now holds 70 percent of the self-drive, car-pool market in India, with an estimated annual turnover of $7.8 billion U.S., Zoomcar founder Greg Moran told AdAge India in an interview (here). By end-2016, the brand was present in seven cities – today it is present in 24 cities.
Targeting 20-to-30-year-old professionals, Zoomcar is much more expensive than Ola, and Uber. So, users opt for Zoomcar only for longer distances, meaning distances between 100 kilometers and 1,000 kilometers.
As per reports, Zoomcar has done more than 900,00 trips since inception at an average cost of Rs 4,000 ($61.60 U.S.) per trip.
Initially, the start-up owned a fleet of cars; today it runs with an asset-light business model after launching its Zoomcar Associate Programme (ZAP) (See our report here). ZAP charges a commission of around 25 percent from associates (car owners) and lets them keep the rest of what they generate. ZAP has received a positive response, and the company plans to scale it up, Moran told AdAge.
Under ZAP, the company aims to have a fleet of 25,000 cars by 2019. At present, Zoomcar has nearly 3,000 cars (self-owned and owned by associates) on its platform. Zoomcar’s competitors include Myles, Avis, Voler and others.