Welcome to our dedicated page for Zoomcar Holdings news (Ticker: ZCAR), a resource for investors and traders seeking the latest updates and insights on Zoomcar Holdings stock.
Zoomcar Holdings, Inc. (Symbol: ZCAR) is India's largest marketplace for cars on rent, reshaping the landscape of self-drive car sharing. Headquartered in India, Zoomcar operates a leading peer-to-peer car-sharing platform with approximately 21,000 vehicles registered across India, Egypt, Indonesia, Vietnam, and the Philippines. The majority of its revenue comes from short-term self-drive rentals and vehicle subscriptions, with India contributing the lion's share.
Zoomcar offers not just a convenient and flexible way for individuals to rent cars, but also empowers local entrepreneurs by allowing them to list and earn from their vehicles. Its latest product offering, Thrift Store, introduces unbeatable pricing for self-drive car sharing, further enhancing its market leadership. Zoomcar's commitment to innovation is evident through various strategic partnerships, including collaborations with SPARKCARS to electrify India's shared mobility landscape, aligning with India's climate commitments and the Prime Minister’s Mission Life initiative.
Another noteworthy partnership with EaseMyTrip revolutionizes travel planning in India by offering travelers increased convenience and flexibility. Additionally, Zoomcar's alliance with ACKO Drive provides local hosts competitive financing options to purchase new vehicles, thereby fostering growth in domestic tourism and empowering local entrepreneurs.
Zoomcar continues to make significant strides in the shared mobility sector, combining innovative solutions with strategic partnerships to meet evolving consumer needs while driving sustainable growth.
Zoomcar Holdings, Inc. (NASDAQ: ZCAR), a leading marketplace for self-drive car sharing, has announced the adjournment of its Annual Meeting of Stockholders. Originally scheduled for September 26, 2024, the meeting will now take place virtually on October 1, 2024, at 10:00 AM ET. This postponement aims to provide stockholders with additional time to vote on the proposals outlined in the proxy materials.
Stockholders of record as of July 29, 2024, are eligible to participate and vote in the meeting. Voting can be done prior to the meeting at www.proxyvote.com or during the meeting at www.virtualshareholdermeeting.com/ZCAR2024. For assistance with voting or any questions, stockholders can contact the proxy solicitor at +1 206-265-0326 or ksmith@advantageproxy.com.
Zoomcar Holdings, Inc. (NASDAQ: ZCAR), a leading marketplace for self-drive car sharing, has announced its first Annual Stockholder Meeting to be held virtually on September 26, 2024, at 10:00 AM EST. Stockholders of record as of July 29, 2024, are eligible to participate and vote. Voting can be done prior to the meeting at www.proxyvote.com or during the meeting at www.virtualshareholdermeeting.com/ZCAR2024. CEO Hiroshi Nishijima encourages all stockholders to join and participate actively. For more information, stockholders can visit Zoomcar's investor relations page or email investors@zoomcar.com.
Zoomcar (NASDAQ: ZCAR) has partnered with Mappls MapmyIndia to enhance the travel planning and booking experience. This collaboration integrates Zoomcar's 25,000+ car fleet across 99+ cities into the Mappls app, allowing users to book vehicles while planning their trips. The partnership offers:
1. Seamless booking process
2. Zero security deposit
3. Unlimited kilometers
4. Easy car pick-up and delivery
5. AI-powered travel planning
6. 3D junction views for navigation
7. Real-time safety and speed alerts
This collaboration aims to simplify travel for Indians, providing a one-stop solution for journey planning, navigation, and car rental. The integration is expected to save time and effort for travelers, offering a comprehensive and convenient travel experience.
Zoomcar (NASDAQ: ZCAR), the leading self-drive car sharing marketplace, has launched a beta Generative AI Assistant for select Hosts. This innovative tool aims to provide 24/7 support, guiding Hosts through onboarding, platform understanding, vehicle safety, and earnings maximization. The AI assistant addresses the challenge of scaling one-on-one interactions for new Hosts in India's novel car-sharing market.
CEO Hiroshi Nishijima emphasized the significance of this customized GenAI assistant in simplifying the complex onboarding process. Zoomcar plans to expand the AI's capabilities, transforming it into a personal assistant for Hosts and introducing a similar tool for Guests. The company is investing heavily in GenAI-based products to improve user experience and decision-making processes.
Zoomcar Holdings, Inc. (NASDAQ: ZCAR) reported robust performance in Q1 2024, ending June 30, 2024. The company achieved record non-GAAP gross profit and contribution profit, marking the third consecutive quarter of contribution profit. Key highlights include:
- 9% increase in total bookings to 112,944
- Improvement in contribution margin from -45% to 20% profit
- 58% reduction in cost of revenue to $1.5 million
- Narrowed adjusted EBITDA loss from $6.8 million to $3.3 million
- All-time high guest trip rating of 4.71
CEO Hiroshi Nishijima anticipates meaningful growth and enhanced profitability by the end of FY 2025, supported by streamlined operations and strong demand.
Zoomcar (NASDAQ: ZCAR), a leading self-drive car sharing marketplace, has launched its first Fulfillment Center in Chennai. The company plans to add 100+ centers and 1000+ cars by December 2024. These centers, operated by trained third-party providers, manage car listings for Hosts, offering services like cleanliness, parking, and guest coordination. Cars managed through these centers are tagged as 'Assured by Zoomcar' on the app.
The pilot in Chennai showed promising results, with over 20 Hosts listing their cars within days and getting an average of 3 bookings within 24 hours. Zoomcar aims to grow this model across 100+ cities by December 2024, leveraging its 11 years of expertise in the car sharing business to help Hosts earn up to ₹60,000 per month with a single car.
Zoomcar (NASDAQ: ZCAR), a leading self-drive car sharing marketplace, has launched a unified app for both Guests and Hosts, replacing their previous two-app system. The new app introduces over 10 feature upgrades aimed at enhancing user experience and streamlining operations. Key features include:
1. A seamless switch between booking cars as Guests and managing listings as Hosts
2. Enhanced Guest features like 'Guest Favourites' and top-rated car catalogs
3. Improved Host controls for managing multiple cars and setting preferences
In FY2024, Zoomcar reported a 12% increase in net revenue to $9.90 million and improved average trip rating to 4.66 on a 5-point scale. The unified app initiative reflects Zoomcar's commitment to service improvement under its new leadership team.
Zoomcar Holdings, a car-sharing marketplace in emerging markets, announced the closing of a $3.6 million private placement of promissory notes and investor warrants. The transaction is expected to generate gross proceeds of $3 million. The senior non-convertible notes, issued with a 16.67% discount, will bear interest at 15% per year, increasing to 20% in event of default, and mature within nine months or upon sufficient capital raises. Warrants issued allow for the purchase of 53 million shares at $0.1416 per share. These will be exercisable six months post-issuance or upon shareholder approval and expire five years post-approval. Aegis Capital Corp. acted as the exclusive placement agent. Proceeds will be used for corporate purposes and working capital.
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