Zoomcar Partners with CARS24 to Redefine Car Hosting Landscape

Tailored Offerings from CARS24 on Used Car Purchases and Flexible Financing Options Will Help Zoomcar Host Entrepreneurs Accelerate Their Success and Expand their Fleets

BANGALORE, India, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the leading marketplace for car sharing in emerging markets, which recently went public on the NASDAQ, and CARS24, India's leading AutoTech platform for pre-owned cars, have joined forces to empower local hosts in their car sharing entrepreneurial journey. Through this strategic partnership with Cars24, Zoomcar will aid its hosts in their fleet expansion endeavors and in turn potentially increase their earnings by offering exclusive opportunities on car purchases and flexible financing options. 

Zoomcar hosts can now take advantage of potential substantial savings of up to INR 1 lakh along with additional benefits of up to INR 20,000 on pre-inspected and certified used car purchases from CARS24. This collaboration addresses the critical need for affordable and reliable vehicles for hosts while empowering them to expand their small business presence with significantly lower upfront capital investment. Used cars, known for their practicality and cost-effectiveness, present a sustainable solution for Zoomcar hosts. The partnership will promote the advantages of incorporating pre-owned vehicles into the car-sharing ecosystem. These vehicles not only offer affordability but also contribute to environmental well-being. This partnership will also allow Zoomcar hosts an option to easily upgrade their present cars on CARS24 to receive additional benefits.

Zoomcar offers cars shared by local hosts across 45+ cities, including pick-up and delivery options at transit points like airports and railway stations with a comprehensive portfolio of cars across categories - Hatchbacks, Sedans, MUVs, SUVs, EVs, and Luxury cars. Advocating for the benefits of used cars, this partnership promotes their affordability, reliability, and positive environmental impact. 

“We’re delighted to partner with CARS24 to bring these innovative, competitively priced used car and financing options to our hosts," said Greg Moran, CEO and Co-Founder Zoomcar. "As a platform, we’ve witnessed exceptional growth in the number of hosts, and we expect this number to grow even more as we continue to unlock incremental value for our host ecosystem through these customized financing products. Reducing the cost to acquire a vehicle is a fundamental part of our longer-term strategy to democratize vehicle access for millions of potential vehicle-owning, micro-entrepreneurs across the country. This is the lifeblood which fuels the flywheel of our car sharing marketplace."

Kannan, a 35-year-old Zoomcar super host in Mumbai with five cars listed on the Zoomcar marketplace, said "The Zoomcar and CARS24 partnership is a game-changer for multi-car hosts like me. Now, I can easily access exclusive used car deals and financing, freeing up my capital to expand my fleet without breaking the bank. This means more cars on the road, happier customers, and a bigger business – it's a win-win all around!" 

Gajendra Jangid, Co-Founder, CARS24, said, "We're thrilled to team up with Zoomcar, providing their hosts with special access to our inventory at amazing prices, complemented by hassle-free financing options. Through this groundbreaking partnership, we're not just unlocking new earning potential for Zoomcar hosts, but we're also injecting the car-sharing ecosystem with a fleet of pre-loved, affordable, and value-packed vehicles. The introduction of these quality used cars is poised to create a transformative impact, offering sustainable mobility solutions. This game-changing alliance has us buzzing with excitement, setting the stage for innovation and a positive shift. As we hit the road together, we're confident that our shared drive will cultivate a positive influence, shaping the way people experience shared mobility."

Through this partnership, Zoomcar expects to leverage CARS24's stellar reputation in the pre-owned car market, ensuring hosts gain access to high-quality used cars. This alliance not only unlocks new earning potential for the hosts but also broadens the reach of the Zoomcar platform. CARS24, a trusted name synonymous with transparency and reliability, streamlines the process, offering hosts a seamless and cost-effective way to enhance their vehicle fleet.

About Zoomcar

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused on emerging markets. The Zoomcar community connects hosts with guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in growing markets.

About CARS24

Founded in 2015, CARS24 is a leading AutoTech company streamlining and revolutionizing the sale, purchase, and financing of pre-owned cars in India, Australia, Thailand, and UAE. Leveraging cutting-edge technology, that includes a Smart AI Pricing Engine, and the largest dealer network, CARS24 ensures that selling pre-owned vehicles is seamless and transparent. CARS24 Financial Services Private Limited, is a professionally managed Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India, offering customer focused value added services.

Forward Looking Statements

This press release may contain forward-looking statements about our plans, efforts, projections, goals, commitments, expectations, or prospects related to our partnership with Cars24. These forward-looking statements reflect our management's current expectations for this alliance and these statements entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue," "broaden" or "believe," "encourage," or the negatives thereof, as well as other variations or comparable terminology. We ask that you read statements that contain these terms carefully because we believe this information is important for our investors and customers. Any forward-looking statement in this press release refers solely to what is accurate as of the day it is issued. The actual results and outcomes may materially differ due to various factors or events beyond our control which we may not be foreseeable at all times. We cannot guarantee or assure any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this press release can or will be achieved. We are not obligated to publicly update or alter any forward-looking statements based on new information or future events, unless required by law. 

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