Zoomcar Partners with ACKO Drive; Empowers Local Hosts to Increase Car Fleet on its Car-Sharing Marketplace Platform

This Strategic Partnership Will Provide Competitive Offers for Local Zoomcar Hosts to Purchase Additional Vehicles with Industry-Leading Financing Options

BENGALURU, India, March 27, 2024 (GLOBE NEWSWIRE) -- Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the NASDAQ-listed leading marketplace for self-drive car sharing, has partnered with ACKO Drive, a car buying platform by ACKO, to empower local Zoomcar Hosts to expand their car fleet.

With this partnership, ACKO Drive is offering Zoomcar Hosts substantial savings of up to INR 85,000 on new car purchases along with attractive offers on car financing with instant loan approval, express car delivery and more. This partnership allows Hosts to expand their business presence and significantly increase their earnings.

The demand for car sharing in the Indian travel landscape is growing exponentially, driven by a desire for convenience and freedom to explore hidden gems and uncharted destinations that are difficult to reach with traditional direct travel modes like flights, buses, and trains. This has led to the popularity of self-driven cars, with industry pioneers like Zoomcar emerging to meet that demand. Zoomcar Hosts earned approximately $4 million according to Zoomcar’s Q3 2023 results, and are focused on making car hosting just as popular as car renting. The Company is consistently observing a larger mix of professional Hosts with the intent of leveraging the platform as a micro-entrepreneurship opportunity. ACKO Drive is pioneering the realm of online car purchases, helping customers enjoy the convenience of comparing models, selecting financing options, purchasing insurance, and accessing after-sales services, all in one convenient platform.

Through this collaboration, ACKO Drive will facilitate easier access to Zoomcar Hosts by extending exclusive offers, which will further enable them to increase their earnings potential from car sharing. The partnership presents a significant opportunity for both new and existing Zoomcar Hosts to build and elevate their business operations, which will help cater to evolving consumer preferences with newer car models. Existing Zoomcar Hosts can seamlessly upgrade their existing fleet to meet the surging demand for diverse vehicle options. By embracing the latest models, Hosts can not only enhance their competitiveness but can also tap into the higher earning potential associated with newer and more attractive vehicles.

"We are focused on providing higher quality experiences to our guests, and one of the biggest unlocks for an unparalleled self-drive experience is providing newer and wider car options,” said Zoomcar CEO and Co-founder Greg Moran. “Zoomcar aims to significantly grow the car-sharing marketplace, encouraging more Hosts to join and grow with the platform, and our partnership with ACKO Drive will play a significant role in providing enhanced affordability and choice.”

Zoomcar's partnership with ACKO Drive signifies a strategic move to meet evolving consumer needs and empower local entrepreneurs with diverse and newer car models.

Speaking about the partnership, Nitin Chadha, SVP - ACKO Drive, says, Indians are exploring different ways of travel and experience, and Zoomcar Hosts fuels the passion in the individuals by providing a platform best suited for them. ACKO Drive specialises in the online car buying journey and with this partnership, we are confident that Zoomcar will enable the customers in utilising the car better that they own by hosting on the platform. Our association with Zoomcar is another step towards providing car enthusiasts the end-to-end support from ACKO Drive in their car buying journey with flexible financing options and suitable insurance solutions.”

Advocating for growth of domestic tourism in the country, Zoomcar and ACKO Drive are pioneering in providing customers with practical, cost-effective, and reliable solutions, both in the car sharing and car purchase space.

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 ACKO Technology and Services Pvt Ltd.

ACKO Technology and Services Private Limited ("ACKO") is the parent company of ACKO General Insurance. ACKO, founded in 2016, is a digital-first direct-to-consumer company that builds and operates technology and services platforms. Driven by a relentless focus on superlative customer experience and with its transformative technology, ACKO helps create superior customer value propositions and more engaging experiences.

Forward looking Statements:
This press release may contain forward-looking statements about our plans, efforts, projections, broad visions,  goals, commitments, expectations, or prospects related to our partnership with Acko Drive. 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,” “aim,”  “empower,” “estimate,” “intend,” “indicate,” “continue,” “promoting,” “believe,” “boosting”, “scalable,” “transformative,” “elevate,” or “enhance,” 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 and/or based on assumptions that Zoomcar believes to be reasonable. 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 undertake no obligation to alter or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as required by law.

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