Zoomcar announced in a news release that it has raised $92 million through a private sale of shares to investors led by SternAegis Ventures, with participation from worldwide family offices and institutional investors.

“Zoomcar intends to use the proceeds from this financing to grow its car-sharing marketplace in India and various select markets across Asia and the MENA (Middle East and North Africa) region,” it said.

Zoomcar plans to list as a special purpose acquisition company in the United States in the next nine to twelve months, so the money comes ahead of that. These special-purpose corporations are founded only for the purpose of raising funds through initial public offerings (IPOs).

The business aims to enhance investments in IoT, machine learning, and computer vision-related technologies to transform its user experience, according to the announcement.

“The company also expects to significantly strengthen its enterprise software offerings to OEMs (original equipment manufacturers) and insurance companies,” the release said.

“This successful crossover financing is a milestone for Zoomcar as we enter the next phase of our international growth and position the company to enter the public equity markets,” chief executive Greg Moran said.

Zoomcar was founded in 2013 by Moran and David Back and has secured $291.7 million in debt and equity from investors including Sequoia Capital, Mahindra & Mahindra, and Ford Smart Mobility, a division of Ford Motor.

To develop a global car-sharing platform, it recently expanded into Southeast Asia and the Middle East and North Africa region.

“Zoomcar sits at the intersection of several powerful global trends across urban mobility. At SternAegis, we’re delighted to support the impressive Zoomcar team in fulfilling their vision of creating the best car sharing experience across the world’s fastest growing, most dynamic markets,” said Adam Stern, CEO of SternAegis Ventures.

For the current fiscal year, the corporation expects to generate $100 million in annualised revenue.

ThinkEquity served as a special adviser to this offering, while SternAegis served as the exclusive placement agent.

Zoomcar's platform is home to around 10,000 vehicles. Individuals can rent automobiles by the hour or by the day from a broad pool of vehicles. Zoomcar Mobility Services, the company's enterprise SaaS-based mobility solutions, will be available in 2020, and will include fully supported subscription services as well as IoT-based driver behaviour monitoring tools.