Latest news with #Zoomcar
Trade Arabia
14-05-2025
- Business
- Trade Arabia
Zoomcar, Wego to unlock self-drive travel for tourists in India
Zoomcar, India's leading self-drive car sharing marketplace, has partnered with Wego to provide travellers with easy access to self-drive rentals in India. The partnership is a response to rising airfares, currency fluctuations, and tariff tensions, which are causing uncertainty in global tourism and trade flows. India's expanding infrastructure, diverse road-trip routes, and favorable exchange rates make it a high-value destination for both domestic and inbound regional travel. Wego users can now book from over 25,000+ self-drive cars across 99+ cities in India directly via the Wego platform, with hyperlocal availability. Zoomcar's data reveals that travellers are increasingly choosing self-drive for longer itineraries, particularly during vacations and long weekends, valuing autonomy, privacy, and cost-effectiveness. The partnership empowers users with greater flexibility amidst global changes impacting travel choices, offering a homegrown, cost-efficient alternative to traditional ground transport for both domestic and international audiences. 'We're seeing a decisive shift in how people want to travel — flexibility, independence, and immersion matter more than ever,' said Anirudh Lamba – Head of Partnerships, Zoomcar. 'Our partnership with Wego helps us serve evolving travellers better, especially those coming from the Middle East and Southeast Asia who want to explore India on their own terms.' Bernard Corraya, General Manager, India, said: "We are thrilled to partner with Zoomcar to bring greater convenience and control to travellers exploring India. This collaboration supports our mission to enhance every stage of the traveler's journey from flight and stay to local mobility. With self-drive access now just a tap away, our users can unlock a more personal and memorable way to experience one of the world's most diverse destinations." -TradeArabia News Service
Hamilton Spectator
08-05-2025
- Business
- Hamilton Spectator
OTC Markets Group Welcomes Zoomcar Holdings, Inc. to OTCQX
NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Zoomcar Holdings, Inc. (OTCQX: ZCAR) ('Zoomcar'), leading marketplace for self-drive car sharing in India, has qualified to trade on the OTCQX® Best Market. Zoomcar previously traded on NASDAQ. Zoomcar begins trading today on OTCQX under the symbol 'ZCAR.' U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on . Trading on the OTCQX Market offers companies efficient, cost-effective access to the U.S. capital markets. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. About Zoomcar Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for self-drive car sharing focused in India. 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 India. About OTC Markets Group Inc. OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets. OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit . Subscribe to the OTC Markets RSS Feed Media Contact: OTC Markets Group Inc., +1 (212) 896-4428, media@
Yahoo
08-04-2025
- Automotive
- Yahoo
Zoomcar Introduces Prepaid Vouchers; Confirms Its India-First Operating Model Unaffected by US-India Tariffs
BENGALURU, India, April 8, 2025 /PRNewswire/ -- Zoomcar Holdings, Inc. ("Zoomcar" or the "Company") (NASDAQ: ZCAR), the Nasdaq-listed leading marketplace for self-drive car sharing, announces the launch of Zoomcar Vouchers, enabling users to prepay for future trips on the app. With the repeat booking rate doubling and bookings from repeat users now exceeding bookings from new users, Zoomcar expands its product range to include prepaid vouchers, which is expected to improve user retention and encourage repeat user behavior. Zoomcar Vouchers, launching in the mid-April across three major cities, empowers users to plan travel in advance while providing a modest bonus credit upon purchase. Hiroshi Nishijima, CEO of Zoomcar, stated, "Zoomcar Vouchers is designed to provide users with freedom of choice and greater flexibility in planning future travel. We're finding greater ways to deepen the relationships with our customers, while encouraging repeat bookings and long-term brand loyalty. Building trust with our users is key to building a sustainable long-term business." Amidst the launch, the Company also indicated that the business is not impacted by the United States ("US") tariffs. "Given our India-first operating model and focus on domestic mobility solutions, we do not believe that the recent development on tariffs between US and India impact our operations or growth plans. Zoomcar remains committed to expanding its user base and product offerings within India," stated Mr. Nishijima. "We continue to have conviction in the growth plan that we've set out for Fiscal 2025 and beyond. Our business remains resilient and we remain optimistic about the future prospects of the car-sharing marketplace in India. Given our expertise and leading position in this market, we continue to be well positioned to capture the tremendous opportunity ahead." About Zoomcar: Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused in India. 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 India. Forward Looking Statements This press release contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond the Company's control. These forward-looking statements within the meaning under applicable law, can be identified by the use terms such as "may," "will," "aim," "empower," "estimate," "intend," "indicate," "continue," "promote," "believe," "boosting", "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 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. Press Contact:Press@ Relations Contact:Investors@ Logo: View original content: SOURCE Zoomcar Sign in to access your portfolio
Yahoo
14-02-2025
- Automotive
- Yahoo
Zoomcar Reports its Fiscal Third Quarter Financial 2024 Results
Contribution Profit continues to increase in FQ3, reaching all time high Bookings growth of 19% vs prior year Achieved record Repeat User Rates and High Quality Host Retention Rates Debt restructuring under way BANGALORE, India, Feb. 14, 2025 /PRNewswire/ -- Zoomcar Holdings, Inc. (Nasdaq: ZCAR) ("Zoomcar," or "we," or "our"), the leading marketplace for car sharing in India, today announced results for its fiscal third quarter ended December 31, 2024. Hiroshi Nishijima, CEO of Zoomcar stated,. "We're seeing the improvements we've made in the customer experience bearing fruit, with repeat users doubling this quarter, high quality Host retention rates continuing to rise, and contribution profit reaching an all time high in FQ3. Combining a greater customer experience and our efforts to increase supply, the number of Hosts on our platform continues to increase along with high quality Host retention. These improvements enable us to continue optimizing our marketing spend, and, in addition to other cost reduction projects, have led to achieving record contribution profit this quarter, making this the fifth consecutive quarter of positive contribution profit." Key Highlights: Contribution profit reached a record high of $1.28 million (52% of revenue), a significant improvement from $0.21 million (9% of revenue) in the same quarter last year, and was $1.21 million (54% of revenue) in the previous quarter. This is the fifth consecutive quarter of positive contribution profit. On a per booking basis, our Contribution profit increased to $12.39 during the three months ended December 31, 2024 as compared to $2.40 per booking during the three months ended December 31, 2023. The number of bookings rose by 19%, from 86,917 in the prior year period to 103,599, during the three months ended December 31, 2024, driven by 2.0x increase in the repeat user booking rate. Cost optimization efforts resulted in a 28% reduction in Cost of Revenue, a 41% reduction in technology expenses (such as cloud services and tech vendor related expenses), and an 80% decrease in marketing costs. All reductions are a comparison of the three months ended December 31, 2024 vs the same period last year. Adjusted EBITDA loss decreased significantly from $10.17 million during the three months ended December 31, 2023 to $3.15 million during the three months ended December 31, 2024. Average Guest trip ratings saw a significant improvement, rising from 4.16 (out of 5) on March 31, 2024, to 4.70 on December 31, 2024, reflecting our ongoing commitment to enhancing the customer experience. Active high quality cars (with an average rating of more than 4.5 out of 5) increased by 24% from 5,830 cars at the end of September 30, 2024 to 7,247 cars as on December 31, 2024, signaling the improvement of Host retention rate. We will dive deeper into the results during our FQ3 2024 Earnings call:We would like to invite all shareholders to our FQ3 2024 Earnings Call, scheduled for February 14, 2025, at 8:00 AM Eastern Time. Please register through this link – For more details, you may access the Q3 earnings presentation and other materials found on our Investor Relations website at About Zoomcar: Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused in India. 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 India. Forward Looking Statement: Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "plans," "expects," "believes," "anticipates," and similar words are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning our expected revenue growth and improved profitability, and our financial forecasts. Forward-looking statements are based on our current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings we make with the U.S. Securities and Exchange Commission, all of which are available at Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by us, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Non-GAAP Financial Measure: To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included in this release: contribution margin, and adjusted EBITDA. A reconciliation of GAAP to adjusted non-GAAP financial measures is included as an attachment to this press release. We believe these non-GAAP financial measures are useful to investors in assessing our operating performance. We use these financial measures internally to evaluate our operating performance and for planning and forecasting of future periods. We also believe it is in the best interests of investors to provide this non-GAAP information. While we believe these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Reconciliation of GAAP to Non-GAAP Metrics The following is the reconciliation of adjusted EBITDA to the most comparable GAAP measure for three months and nine months ending December 31, Net months ended December 31, Nine months ended December 31, 2024 2023 2024 2023 Net (Loss) / Income $ (6,061,727) $ 14,425,439 $ (11,945,281) $ (26,757,978) Add/ (deduct) Stock-based compensation - 1,265,828 - 1,883,733 Depreciation and amortization 90,522 244,053 305,658 754,660 Finance costs 4,866,242 8,392,470 6,942,547 13,628,832 Finance costs to related parties - 12,426 - 38,203 Other income, net (1,917,896) (34,503,014) (2,705,019) (10,377,735) Other income from related parties - (5,548) - (11,224) Gain on troubled debt restructuring (124,299) - (476,746) - Adjusted EBITDA $ (3,147,158) $ (10,168,346) $ (7,878,841) $ (20,841,509) Adjusted EBITDA is a non-GAAP financial measure that represents our net income or loss adjusted for (i) provision for income taxes; (ii) other income and (expense), net; (iii) depreciation and amortization; (iv) stock-based compensation expense; (v) finance costs; and (vi) Gain on troubled debt restructuring. Contribution Profit/(Loss) The following is the calculation of Contribution Profit/(Loss) to the most comparable GAAP measure for three months and nine months ending December 31 Net months ended December 31, Nine months ended December 31,2024 2023 2024 2023 Net revenue $ 2,449,368 $ 2,421,438 $ 6,937,250 $ 7,717,064 Cost of revenue 1,499,282 2,093,057 4,224,993 8,441,525 Gross Profit/(Loss) 950,086 328,381 2,712,257 (724,461) Add: Depreciation and amortization in COR 73,683 205,260 222,862 624,630 Add: Stock-based compensation in COR - 51,848 - 134,883 Add: Overhead costs in COR (rent, software support, insurance, travel) 286,639 249,651 636,960 988,946 Less: Host Incentives and Marketing costs (excl. brand marketing) 26,414 626,267 621,158 2,104,360 Less: Host incentives 32,800 73,216 110,664 348,261 Less: Marketing costs (excl. brand marketing) (6,386) 553,051 510,494 1,756,099 Contribution Profit / (Loss) $ 1,283,994 $ 208,873 $ 2,950,921 $ (1,080,363) Contribution margin 52 % 9 % 43 % -14 % We define contribution profit (loss) as our gross profit plus (a) depreciation expense included in cost of revenue, (b) stock-based compensation expense included in cost of revenue, (c) other general costs included in cost of revenue (rent, software support, insurance, travel); less (i) Host incentive payments and (ii) marketing and promotional expenses (excluding brand marketing). Logo - Contact: Akarshit Gulati: akarshitg@ Bhagyashree Rewatkar: View original content: SOURCE Zoomcar Sign in to access your portfolio
Associated Press
05-02-2025
- Automotive
- Associated Press
Global Self-Drive Car Rental Strategic Business Report 2025 with Coverage of 50+ Players Including AapniCar Services, Car4Hires, Dollar Car Rental, Europcar, Hertz System
The 'Self-Drive Car Rental - Global Strategic Business Report' has been added to offering. The global market for Self-Drive Car Rental was valued at US$25.5 Billion in 2024 and is projected to reach US$76.5 Billion by 2030, growing at a CAGR of 20.1% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. Self-drive car rental services provide customers with the flexibility to rent a car and drive it themselves without a chauffeur. Unlike traditional car rental services, self-drive options allow users to have full control over the vehicle, providing a convenient and flexible transportation solution for short-term trips, vacations, or even extended rentals. Customers can typically book cars online or through mobile apps, with options for hourly, daily, or weekly rentals, giving them the freedom to explore at their own pace. Popular self-drive car rental providers include companies like Zoomcar, Turo, and Enterprise, which offer a wide selection of vehicles, from compact cars to luxury and SUV models. The popularity of self-drive car rental services has surged due to the growing demand for flexible, cost-effective travel options. Many travelers prefer self-drive rentals over ride-hailing or traditional taxis, especially for long trips, as they allow for more privacy, freedom, and control. Additionally, self-drive rentals are particularly appealing to tourists, young urban professionals, and individuals who do not own a car but occasionally need one for specific purposes. With the increase in app-based booking and contactless pick-up options, self-drive rentals offer a seamless experience that aligns with modern consumer preferences for convenience and independence. What Is Driving Growth in the Self-Drive Car Rental Market? The growth in the self-drive car rental market is driven by changing travel preferences, rising urbanization, and the increasing popularity of on-demand services. As consumers increasingly seek flexible, private, and independent travel solutions, self-drive rentals provide an ideal alternative to ride-hailing and public transportation. This trend is particularly strong among millennials and Gen Z, who prioritize freedom and convenience when it comes to mobility solutions. Self-drive car rentals appeal to these demographics as they offer an easy way to access a vehicle without the financial burden of car ownership. The growth of domestic tourism and road trips, especially in the wake of COVID-19, has also boosted the demand for self-drive rentals, as travelers prefer controlled, private travel experiences over shared transportation. Urbanization and the rise of smart cities have further supported this market, as dense urban environments make car ownership costly and impractical for many residents. In response, self-drive rental companies are expanding their fleets, adding more pick-up and drop-off locations, and offering customizable rental durations. Technological advancements and the push for eco-friendly travel, including the availability of electric vehicles in rental fleets, further support the growth of this market. This combination of social, economic, and technological factors positions the self-drive car rental market as a dynamic solution within the evolving landscape of urban and travel mobility. How Are Technological Advancements Transforming the Self-Drive Car Rental Market? Technological advancements are reshaping the self-drive car rental market, enhancing the convenience, safety, and accessibility of services. Mobile apps and digital platforms have streamlined the rental process, allowing users to browse, book, and pay for vehicles directly from their smartphones. These platforms offer real-time vehicle availability, transparent pricing, GPS navigation, and integrated customer support, providing a smooth and user-friendly experience. Many self-drive car rental companies are now offering contactless pick-up and drop-off options, where users can unlock the car using an app, eliminating the need for in-person interactions and reducing waiting times. Advanced telematics and GPS tracking systems have also improved the safety and management of self-drive rental fleets. With real-time monitoring, rental companies can track vehicle location, driving behavior, and maintenance needs, reducing the risk of accidents and ensuring that vehicles remain in optimal condition. Some providers are incorporating IoT (Internet of Things) connectivity to gather data on fuel consumption, mileage, and engine health, optimizing fleet maintenance and reducing operational costs. Additionally, companies are using AI-driven algorithms to analyze customer usage patterns, allowing for dynamic pricing models and personalized promotions. These technological advancements make self-drive car rentals more reliable, accessible, and tailored to individual user needs, driving adoption across a wider customer base. What Types of Vehicles Are Available for Self-Drive Rental, and How Are They Used? Self-drive car rental services offer a wide range of vehicles to suit different travel needs and preferences. Economy and compact cars are popular for city commuting, short trips, and budget-conscious travelers. These vehicles are affordable, fuel-efficient, and easy to maneuver in urban areas, making them ideal for daily errands and solo trips. Mid-size and full-size sedans, on the other hand, are often chosen by families or groups looking for more comfort and space on longer road trips. These cars offer extra legroom, trunk space, and amenities that make extended travel more enjoyable. SUVs and crossovers are commonly rented for adventure trips, outdoor excursions, and travel in regions with rugged terrains. These vehicles offer higher ground clearance, off-road capabilities, and additional cargo space, making them suitable for families or groups heading to mountainous or rural areas. Luxury vehicles and premium SUVs are also available for travelers seeking a high-end experience or for special events like weddings and corporate functions. Finally, electric vehicles (EVs) and hybrid cars are increasingly being offered by self-drive rental companies in response to growing environmental awareness and demand for sustainable travel options. This wide selection allows customers to choose the best vehicle for their specific needs, whether it's a short city drive or a cross-country road trip. Report Features: Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030. In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Company Profiles: Coverage of major players such as AapniCar Services Private Limited., Car4Hires, Dollar Car Rental, Europcar Groupe SA, Hertz System, Inc. and more. Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments. Key Insights: Market Growth: Understand the significant growth trajectory of the Sedans Rental segment, which is expected to reach US$35.1 Billion by 2030 with a CAGR of a 21.5%. The Hatchbacks Rental segment is also set to grow at 19.6% CAGR over the analysis period. Regional Analysis: Gain insights into the U.S. market, valued at $6.8 Billion in 2024, and China, forecasted to grow at an impressive 19.0% CAGR to reach $11.6 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific. Key Attributes: Report Attribute Details No. of Pages 138 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $25.5 Billion Forecasted Market Value (USD) by 2030 $76.5 Billion Compound Annual Growth Rate 20.1% Regions Covered Global Key Topics Covered: MARKET OVERVIEW Influencer Market Insights World Market Trajectories Self-Drive Car Rental - Global Key Competitors Percentage Market Share in 2024 (E) Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E) MARKET TRENDS & DRIVERS Rising Demand for Flexible and Independent Travel Solutions Spurs Growth in Self-Drive Car Rental Market Increasing Popularity of Road Trips and Domestic Tourism Expands Market for Self-Drive Car Rental Services Growth in Urbanization and Decline in Personal Car Ownership Drive Adoption of Self-Drive Car Rentals in Cities Advances in Mobile App Technology and Digital Platforms Enhance Accessibility and Convenience of Self-Drive Car Rentals Rising Demand for Contactless Rental Solutions and Digital Key Access Supports Growth in Self-Drive Car Rental Growth of E-commerce and Digital Payment Solutions Spurs Demand for App-Based Self-Drive Car Rental Services Expansion of Electric Vehicle (EV) Options in Rental Fleets Drives Demand for Eco-Friendly Self-Drive Car Rentals Demand for Self-Drive Car Rentals with Advanced Safety Features and ADAS Systems Supports Market Growth Growing Consumer Preference for Short-Term and On-Demand Vehicle Access Drives Adoption of Self-Drive Car Rentals Expansion of Travel and Tourism Industry Drives Demand for Self-Drive Car Rentals for Local Exploration and Flexibility Advances in Telematics and Fleet Management Software Improve Operational Efficiency and User Experience in Self-Drive Rentals FOCUS ON SELECT PLAYERS: Some of the 50 companies featured in this report include AapniCar Services Private Limited. Car4Hires Dollar Car Rental Europcar Groupe SA Hertz System, Inc. HyreCar Indus Go Localiza Rent a Car SA MAKEMYTRIP PVT. LTD. MyChoize Self Drive Cars For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. View source version on Laura Wood, Senior Press Manager For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 KEYWORD: Copyright Business Wire 2025. PUB: 02/05/2025 07:22 AM/DISC: 02/05/2025 07:22 AM
