ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Automobiles

Mahindra buys stake in Zoomcar amid push for electric vehicles

Car rental company to add 500 Evs in 20 Indian cities

The logo of Mahindra and Mahindra at a showroom in Mumbai   © Reuters

MUMBAI (NewsRise) -- Mahindra & Mahindra has picked up a stake in Zoomcar, as India's second-largest utility vehicle maker seeks to entrench its electric vehicle brands in nation's fast-growing car rental market.

Mahindra has taken a 16% stake in Zoomcar Inc., the U.S.-based holding company of the car rental startup, by paying 1.76 billion rupees ($27 million), it said in a statement last week.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more