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Tag: Greg Moran

  • Zoomcar reports fiscal third quarter 2023 results

    Zoomcar reports fiscal third quarter 2023 results

    Mumbai: Zoomcar Holdings, Inc. (Nasdaq: ZCAR) (“Zoomcar,” the “Company,” “we,” or “our”), the leading marketplace for car sharing in emerging markets, has reported select financial results for the third fiscal quarter ended 31 December 2023.

    Management Commentary

    “Our third fiscal quarter results capped a strong performance in our ongoing efficiency efforts as we achieved record gross profit and non-GAAP contribution profit while also paving the way for meaningful revenue growth over the next several quarters,” said Zoomcar CEO & co-founder Greg Moran. “The period also marked an important milestone with our public listing on Nasdaq following our successful business combination. As we look ahead to 2024, we expect a meaningful return to growth with materially improved profitability as we now have the right infrastructure in place to scale our operations efficiently.”

    Zoomcar comments and continues to make significant progress across the Company’s strategic priorities:

    1   Make vehicle Hosting mainstream: We’re focused on making vehicle Hosting just as popular as renting a Zoomcar, and we believe we’re making continuous progress to this end. Active vehicle listings hit 10.3K in FQ3 2023 as we continue to see double-digit supply growth across all major regions within India. In FQ3 2023, Zoomcar Hosts earned approximately $4 million. We’ll continue to raise awareness around Hosting through brand marketing investments and external third-party partnerships, while improving the Host’s onboarding journey and their overall experience on the platform.

    2   Perfect the core guest experience: We are intensely focused on technology-driven product innovation to improve the overall booking experience for our community of guests. In FQ3 2023 alone, we launched more than 20 new features and upgrades that, among others, help improve vehicle listing discoverability, improve price comparison capabilities, enhance sort/filter abilities within search, and revamp the payment experience at checkout.

    3   Expand beyond India: We are making steady progress in our efforts to expand beyond India. Egypt continues to scale bookings while building toward a sustainable non-GAAP contribution margin at the country level. In Indonesia we remain focused on building the appropriate mix of supply to attract higher volumes of demand to the platform on a consistent basis. We remain committed to further investment into these markets across 2024 and look forward to exploring additional opportunities for new country expansion later in the year.

    Key Performance Indicators (“KPIs”)

    1   FQ3 2023 marked a record quarter in average transaction size across the Company. Zoomcar achieved a record average transaction size of over $75 per booking during the quarter. This performance showcases the platform’s ability to leverage our internal AI models to drive higher effective net pricing on behalf of our Hosts. Concurrently, the platform also continues to enjoy a significant expansion in our multi-day travel demand which drives effective trip durations higher.

    2   Booked days and booked guests have shown increased momentum in recent months. Total booked days and booked guests were 163.9K and 68.1K, respectively.

    3   We achieved a record in active vehicle listings in FQ3 2023. Our active vehicle listings reached 10.3K in FQ3 2023. We continue to witness growth across Indian metros while observing a balanced mix of vehicle segments associated with new listings. Consistent with earlier trends in 2023, we see a consistently larger mix of professional Hosts to the platform with the intent of leveraging the Zoomcar platform as a micro-entrepreneurship opportunity.

    4   Platform quality continues to improve at a steady pace. The platform’s average guest trip rating was 4.50 on a 5-point scale in FQ3 2023. We believe that this clearly demonstrates that our product focused approach to the customer experience on the Zoomcar platform is continuing to pay dividends. A constant focus on building tools to better improve in-trip communication between guests and Hosts represented a noticeable step function improvement in the overall in-trip experience for both sets of customers on the platform.

    Fiscal Third Quarter 2023 Financial Results

    Results compare 2023 fiscal third quarter end (December 31, 2023) to 2022 fiscal third quarter end (December 31, 2022) unless otherwise indicated. We are also presenting various financial metrics under U.S. Generally Accepted Accounting Principles (GAAP) and as adjusted (non-GAAP). A reconciliation of GAAP to non-GAAP metrics appears at the end of this news release.

    1   Net revenue decreased 19% to $2.4 million, compared to $3.0 million in the same period last year. The decrease in revenue was primarily due to a lower number of days booked resulting in decreased gross billings as the Company prioritized higher-margin bookings in support of its cost reduction efforts.

    2   Gross profit increased to a record $0.3 million, compared to a gross loss of $0.3 million in the same period last year. The increase in gross profit was a result of trip fulfillment cost reductions driven by collective improvements in efficiency and lower Host accident-related reimbursements that consistently showed improvement over fiscal 2023.

    3   Operating expenses (excluding G&A costs) decreased 24%, to $2.2 million, compared to $2.9 million in the same period last year. The decrease in operating expenses was a result of a decrease in sales and marketing costs and technology and development costs.

    4   GAAP net income was $14.4 million, compared to an $8.7 million net loss in the same period last year. The improvement in net loss was the result of a one-time deSPAC transaction gains of $28.9 million associated with financial instrument conversions at fair market value. During the period, the Company also improved its gross margin profile and recorded a reduction in Host accident-related reimbursements.

    5   Gross booking value (“GBV”) was $6.5 million, compared to $8.3 million in the same period last year. The decrease in GBV was a result of our focus on booking level profitability (contribution margin) improvements at the expense of volume growth.

    6   Contribution profit (non-GAAP) was $0.2 million, compared to a contribution loss of $0.7 million in the same period last year, driven by reductions in cost of revenue due to the overall improvements in operational efficiency as well as lower host incentives and marketing costs. FQ3 2023 was the Company’s first full quarter of positive contribution profit and marked a consistent quarter-over-quarter effort to achieve this result.

    7   Adjusted EBITDA loss (non-GAAP) was $4.0 million, compared to $5.2 million in the same period last year. The improvement in adjusted EBITDA reflects broad-based cost reduction and efficiency initiatives that reduced cost of revenue, technology and development costs, and operating expenses.

       As of December 31, 2023, the Company had total negative working capital of $26.2 million, including $6.1 million in cash.

    Calendar 2024 Financial Outlook

    Based on initial performance in calendar year 2024 to-date as well as anticipated business growth expected in the coming months, the Company projects net revenue to range between $17.0 million and $20.0 million for the calendar year ended 31 December 2024, representing an increase of approximately 70% to 100% compared to calendar year 2023.

    The company also expects to achieve an annualised adjusted EBITDA run rate between $2.0 million and $4.0 million in calendar Q4 2024. 

  • “At Zoomcar, we are always thinking of fun ways to make travel memorable for our customers”: Zoomcar’s Greg Moran

    “At Zoomcar, we are always thinking of fun ways to make travel memorable for our customers”: Zoomcar’s Greg Moran

    Mumbai: Zoomcar, a leading marketplace for car sharing in emerging markets which recently got publicly listed on NASDAQ, has announced a heartwarming addition to its car fleet just in time for Valentine’s Day: the ZoomChariot. Every year brands battle for the most unique ways to make their customers feel loved. This year, Zoomcar has gone above and beyond their car sharing marketplace model where local hosts share their cars with guests and introduced a special e-victoria buggy called the ZoomChariot.

    This initiative has aimed to elevate Valentine’s Day experience in the most romantic way of travel through the enchanting streets of Nariman Point, Mumbai. The inspiration behind the ZoomChariot campaign stems from the desire to offer people unique and unforgettable experiences. Whether or not you own a car, with Zoomcar you can always drive one like you own it and  indulge yourself in luxury by booking high end cars on special occasions like Valentines Day. By introducing the ZoomChariot, Zoomcar aims to cater to this sentiment, providing couples with a novel and enchanting way to celebrate their love by traveling in style.

    Indiantelevision.com caught up with Zoomcar CEO Greg Moran, where he talked through the inspiration and creation of this campaign.

    Edited excerpts

    On the inspiration Zoomcar took to introduce ZoomChariot

    The inspiration behind the ZoomChariot campaign stems from the desire to offer people unique and unforgettable experiences. Whether or not you own a car, with Zoomcar you can always drive one like you own it or indulge in a higher car model for added luxury on special occasions like Valentines Day. By introducing the ZoomChariot, Zoomcar aims to cater to this sentiment, providing our customers with a novel and enchanting way to celebrate their love by traveling in style, keeping convenience and freedom to journey the way you want the center of our mission.

    On the user experience of booking and enjoying a ride on ZoomChariot, particularly on Valentine’s Day

    The ZoomChariot can be directly booked on the Zoomcar app. By selecting the location as Nariman Point, Mumbai, one can fill a form where they can block their slot of choice for the ride available every 15 mins on the app. On the day of go live on 11th Feb, hundreds of customers immediately booked the ZoomChariot and all slots were sold out within minutes. We are offering the ZoomChariot again on 14th Feb.

    On the response received from customers who have experienced ZoomChariot rides

    People at Nariman Point were lining up to get onboard our ZoomChariot decorated with flowers, fairy lights and balloons. We also saw some folks post about it on Instagram and X.com tagging us. The response was overall very heart warming full of surprise and awe as people know of us as a brand to share a car from. The ZoomChariot was definitely eye catchy and people loved taking a ride with their loved ones and family.

     

     

     

     

    On ZoomChariot contributing to sustainable and eco-friendly mobility solutions, especially with its electric chariot option

    The inception of Zoomcar is built on the strong foundation of providing and scaling sustainable mobility options while traveling. Our marketplace model is built on this foundation & ensures a sustainable solution to a growing demand from environmentally conscious customers. For Valentines Day we wanted to give our users the utmost romantic way to travel and turning an electric Victoria into a ZoomChariot was a match made in heaven.

    On logistical considerations Zoomcar took into account when planning the availability of ZoomChariot rides

    Nariman Point is one of the most iconic and enchanting streets of Mumbai where locals and tourists go on romantic walks and rides by the sea. For Valentine’s day we decided to make use of the occasion and bring out the romance by creating a ZoomChariot of the e-victoria buggy and offering free rides for a lasting memory. We launched it on 11th Feb, Sunday one of the busiest and easiest days people visit the location and also offer it again on Valentines Day for those celebrating in and around the location. The ride is scenic during a sunset and dreamy romantic later in the evening with the fairy lights on.

    On extending plans to  ZoomChariot service beyond Valentine’s Day or to other cities in India

    At Zoomcar, we are always thinking of fun, adventurous and out of the box ways to make travel convenient and memorable for our customers. While ZoomChariot was a tactical campaign to make people feel loved and elevate their Valentine’s Day plans, we aim to be a part of more such journeys in the coming days. 

  • Zoomcar introduces new product category with 50% lower pricing

    Zoomcar introduces new product category with 50% lower pricing

    Mumbai: Zoomcar, the leading marketplace for car sharing in emerging markets, has announced a new product category on its platform called the Thrift Store. This new product category is a powerful move by the recently NASDAQ listed company, Zoomcar, offering up to 50% lower pricing for same day bookings and up to 30-45% off for next day bookings paving the path to new found affordability and accessibility for guests. Zoomcar is available across 45+ cities in India including delivery to guests at transit points like airports and railway stations with a comprehensive portfolio of cars across categories – Hatchbacks, Sedans, MUVs, SUVs, EVs, and Luxury cars.

    Compared to cab rentals who typically have surge pricing for immediate demand, this innovative pricing offering is set to transform the landscape of self drive car sharing with a customer first approach making it more affordable and enjoyable. Local hosts on the Zoomcar platform have the ability to opt into this feature to increase the usage of their vehicles during the weekdays with an expectation of increasing their overall earnings.

    Designed to reinforce the relative value and competitive pricing of self-drive, Thrift Store’s transparent and predictable new affordable pricing structure, aims to build trust and foster long-term relationships with its valued customers.

    Zoomcar co-founder & CEO Greg Moran said, “We want to put the pedal to the metal with Thrift Store where guests can experience the freedom of spontaneous self drive travel. It is a game changer for our local hosts too, making their cars instantly available for bookings while maximizing their earnings and contributing to a more sustainable and efficient car-sharing ecosystem. This is not a one time marketing campaign but an always on product offering as Zoomcar remains fully committed to making the self-drive experience not just convenient but also fully affordable to the everyday consumer.”

    Zoomcar president Adarsh Menon added, “Zoomcar’s Thrift Store is our solution to offering one of the most convenient & cost effective travel options especially given the freedom and privacy of self drive. We want our customers to feel confident while driving a car worry free without the fear of unexpected costs, breaking the bank or even owning it. For the hosts, it is our endeavor and promise to provide them an increase in bookings and sustained income.”

    A recent report from Zoomcar also shared an industry leading NPS with an average trip rating of nearly 4.7. The Thrift Store product launch is a testament to Zoomcar’s commitment to customer-centric innovation and its broader focus toward building a stronger self-drive car sharing ecosystem. 

  • India celebrates National Startup Day 2024

    India celebrates National Startup Day 2024

    Mumbai: In a world that is increasingly driven by innovation and technology, startups play a pivotal role in shaping the future. Recognizing the importance of fostering entrepreneurship and supporting the growth of innovative ventures, India celebrates National Startup Day in 2024. This annual event serves as a testament to the nation’s commitment to creating a thriving ecosystem for startups, providing them with the necessary resources and encouragement to flourish.

    The inception of National Startup Day took place on 16 January 2023, as declared by prime minister Narendra Modi. The inaugural celebration of National Startup Day occurred on the same date.

    Even back then, the Indian government has been actively involved in promoting the startup ecosystem through various initiatives and policies. The introduction of Startup India, a flagship initiative launched in 2016, has played a crucial role in providing a supportive framework for startups. The program offers financial incentives, tax benefits, and simplified regulatory processes, making it easier for entrepreneurs to kickstart their ventures.

    Brace yourselves as Indiantelevision reached out to as many industry leaders from across sectors who have expressed their opinions regarding this day. Let’s see what they all got to say!

    Edited excerpts

    Social Panga co-founder Himanshu Arora

    My biggest takeaway would be to focus on 2 P’s: People & Product.

    Exceptional individuals in your team lead to outstanding products.

    In the startup realm, the concept of compounding is profoundly significant. While progress may seem incremental daily, the real MAGIC unfolds over time – day by day, week by week, month by month, and year by year.

    Focus on the long term but execute on the short term.

    The synergy between a talented team, a stellar product, and a well-managed timeframe is the formula for sustainable success in the dynamic world of startups

    The recipe for disaster, if you are starting to become a Unicorn. While achieving unicorn status is often a byproduct of consumer approval, it should not be the sole focus. The concept of consumer-centricity is frequently discussed but proves challenging to execute.

    Admatazz founder & stragetist Yash Chandiramani

    My advice to entrepreneurs who are just kicking off will be:

    To focus on building a team first. From the onset of your journey, focus on building a work culture and place where the team feels welcomed. Business, growth, expansion, and revenue will all follow if you have a strong base – the core team. The culture of a company plays a pivotal role in the long run. Cultivate resilience and prepare for a challenging yet fulfilling journey.

    Do not forget your passion and mission. If you are someone in the creative field, strengthen your skills and crafts on a daily basis.

    Zoomcar CEO & co-founder Greg Moran

    Zoomcar, a homegrown success story that is currently listed on NASDAQ, is celebrating its journey with pride on this National Startup Day. A pioneer in the car-sharing industry, Zoomcar has revolutionized mobility solutions in emerging markets. Not only has our creative approach been a game-changer for travel, but it has also greatly aided in the expansion of the sharing economy. Being listed on NASDAQ underscores our unwavering dedication to quality and openness and demonstrates investors’ faith in our mission. Zoomcar reaffirms its commitment to influencing urban mobility in the future, encouraging entrepreneurship, and bringing about positive change in the global transport system as we commemorate this occasion.

    Tresa Motors CEO & founder Rohan Shravan

    India has demonstrated tremendous entrepreneurial talent, with startups at the forefront of transformative change across industries. National Startup Day celebrates this spirit of innovation that enables ideas to become reality. We at Tresa Motors applaud India’s vibrant culture of innovation and entrepreneurship. As pioneers in the EV sector, we are proud to be part of the startup ecosystem that is propelling our nation towards a $5 trillion economy.

    Our mission aligns with the promise of this day – to revolutionize and lead India’s medium and heavy commercial EV market while also setting global benchmarks for auto sector innovation. We firmly believe startups will steer India’s journey to becoming a cardinal leader on the world stage. We hope this day serves as an inspiration to turn promising visions into tangible ventures that elevate India. Together, we can unleash the power of startups and shape the future of our nation.

    ZebPay CEO Rahul Pagidipati

    India has emerged as a global powerhouse in the startup ecosystem, showcasing phenomenal growth and fostering innovation across diverse sectors. The nation’s vibrant entrepreneurial spirit has led to a remarkable surge in the creation of startups, contributing significantly to broader economic growth.

    According to a recent report by Zinnov, India has the third-largest tech startup industry in the world with over 950 tech firms founded in 2023.  This trend highlights the nation’s dynamic and resilient entrepreneurial ecosystem, making it a focal point for innovation and investment on the global stage.

    As an entrepreneur and investor, I strongly believe in the game-changing potential of startups to innovate and reshape industries. I’m here to back and champion pioneers who dream big and disrupt, as they are the ones leading the charge toward the next big wave of change.

    The growth of the Web 3 industry in India has also been remarkable over the past few years. India is emerging as a strong force in the Web 3 space with more than 450+ start-ups. This reinforces the fact that the potential of Indian startups and talent pool continues to be strong and is only going to grow further in the years to come.

    Simpl founder and CEO Nitya Sharma

    In the era of Unbundling of E-commerce, startups play a vital role in creating a level playing field and bringing market access to millions for small businesses led by MSMEs and D2C merchants in the country. They also help in building customers’ trust on merchants online or offline, resulting in a significant acceleration in the trade of goods and services and contributing to India’s objective of achieving a $5 trillion economy by 2028. This National Startup Day should set the tone for the growth of this ecosystem over the next 10 years where governments, industry and the academia pool their knowledge and resources together to build a truly digital first nation, powering the world’s economy.

    Perfora co-founder Jatan Bawa

    Start ups are playing a very important role in driving growth for our country. Across different domains, there is a massive opportunity for start ups to address problems for people in India. Pre pandemic, there was a lot of focus on convenience enabled by technology however post pandemic, the focus has been primarily on improving health & wellness.Over the last 3 years, our government has been proactively encouraging startups and promoting entrepreneurship. Our experience has been good while building a start up as a lot of initiatives are in favor of young companies.

    The Government of India has played a crucial role in accelerating growth in our industry. Policies promoting ease of doing business, financial incentives, and initiatives like “Startup India” have provided the necessary support.

    Looking ahead, the future of our industry in India appears promising. With a continued focus on health and wellness, there are ample opportunities for startups to innovate and address evolving needs. The government’s sustained commitment to fostering entrepreneurship, coupled with emerging technologies, positions the Indian startup ecosystem for robust growth. As we move forward, collaboration between startups, industry players, and the government will be pivotal in realizing the full potential of this dynamic landscape.

    Perfora co-founder Tushar Khurana

    A decade earlier it would have been impossible to start and build a start up in a seamless way as we are doing it now. The government has been super supportive concerning its policies related to startups and I’m quite optimistic about the future as there are so many problems to solve. This is the decade of start ups.For India, this is the decade of entrepreneurship and I would strongly suggest people think about how they can add value to our country.

    In the course of our startup journey, the evolution of India’s startup ecosystem has been truly transformative. A mere decade ago, the seamless initiation and growth we now experience with Perfora would have been deemed implausible. The government’s support, underscored by startup-friendly policies, has been instrumental in this paradigm shift. This decade unequivocally marks a flourishing era for startups, fostering a culture of entrepreneurship that is reshaping the Indian business landscape.

    As we navigate myriad challenges, startups find themselves uniquely positioned to offer innovative solutions. The prevailing trend of fostering entrepreneurship aligns seamlessly with the vast potential for creative problem-solving. Moving forward, a continued partnership between the government and startups will be pivotal, cultivating an ecosystem where ideas can germinate and contribute substantially to the nation’s trajectory. Embracing setbacks, cherishing minor victories, and valuing the entrepreneurial journey will be the linchpin for shaping success in this dynamic era of Indian entrepreneurship.

    Athena Education co-founder Poshak Agrawal

    In 2014, my co-founder Rahul Subramaniam and I set out to make a meaningful impact within the Indian education landscape. Mentors at heart, we interacted with the children of acquaintances and reflected on the gaps in their academic experiences. We discovered that they lacked structured avenues for academic and extracurricular exploration. Beyond that, we learned that there were far more Indian applicants to foreign universities than there was guidance available to them. Thus, we started Athena, a holistic education consultancy modeled after the interdisciplinary, liberal arts ethos of our alma mater, Princeton University.

    Our approach was far from conventional for the Indian market at the time–we went straight to the heart of each student’s deep driving desire to understand what makes them truly unique. We believe that every child has the innate potential to attain excellence, yet they require strategic guidance to build an outstanding profile and mindset that will make them stand out in the highly competitive admissions process. We discarded the one-size-fits-all approach, embracing tailored strategies for individual students. We believe in not just shaping scholar profiles, but also nurturing holistic development. Our team of mentors’ hail from prestigious institutions like Princeton, Williams, Michigan, and the Bhabha Atomic Research Centre, and bring unparalleled expertise to the students’ personal transformation.

    Athena’s innovation is enabled by our 360-degree experiential Academies. Our in-house robotics lab, design atelier, and state-of-the-art recording studio empower scholars to learn by doing. The future is AI, and we’re at the forefront, producing top-tier projects and research papers and exposing our students to the best. Athena’s mission is to build the scholars of today into the leaders of tomorrow. Guided by our core values of integrity, growth, synthesis, and impact, we are confident that Athena scholars will usher in a better future for us all.

    Locus CEO & founder Nishith Rastogi

    National Startup Day is a powerful testament to the boundless potential of entrepreneurship, which is instrumental in creating jobs, driving innovation, and fueling economic growth in India. As an entrepreneur, I am deeply thankful for the consistent support extended by the Government of India to our entrepreneurial landscape. The success story of the ONDC (Open Network for Digital Commerce) is particularly inspiring in the logistics field, demonstrating how innovative startups can transform entire industries. At Locus, we firmly believe that the government’s visionary initiatives, exemplified by programs like Digital India, act as ideal launch pads for Indian entrepreneurs. These initiatives encourage them to push boundaries, making a significant impact continually. We actively promote a culture that nurtures entrepreneurship and innovation for the greater good.

    Erekrut HR Automation Solution Pvt Ltd co-founder  Ravinder Goyal

    On this National Startup Day, amidst a funding winter, India’s HR tech landscape shines with resilience. Despite global headwinds, 2023 witnessed nearly 1,000 HR tech startups raising over $11 billion, underscoring the vast potential in transforming workplace operations. This success is attributed to a focus on fundamentals, with 60% of founders reporting increased revenues, validating the resilience fostered by timely innovations such as AI in recruiting and flexible work policies.

    However, challenges persist, including regulatory hurdles and the need for guidance in navigating market access and scaling funds. Addressing these could solidify India’s position as a global HR tech powerhouse. The future blueprint involves the nimble evaluation of emerging work models and addressing ecosystem-specific pain points. As work paradigms and employee expectations evolve, HR tech must drive disruption while enhancing organizational health.

    At such a crucial juncture, the key to innovation lies in understanding and responding quickly to the unique needs of India’s startups. By learning from the past year’s progress and strategically investing in problem-solving for tomorrow, we can reshape global workforces.

    Creduce founder & MD Shailendra Singh Rao

    National Startup Day is an unprecedented endeavor that will significantly contribute to the promotion of entrepreneurship-related consciousness and enthusiasm. Inspiring individuals and attracting a greater quantity of talent and ideas into the ecosystem, it will also draw attention to the realm of entrepreneurship. Entrepreneurs, investors, mentors, and other stakeholders will have additional opportunities to network and collaborate as a result. This can encourage the entrepreneurial spirit and resiliency of established startups while boosting morale. In summary, it is anticipated to have a beneficial effect on society. It is imperative to exercise caution in order to avoid reducing the effort to a spectacle and oversimplification through mere commendation and demonstration of achievement.

    The Hosteller founder & CEO Pranav Dangi

    The travel and hospitality industry is expected to experience a dramatic increase in Direct-to-Consumer (D2C) startups that use cutting-edge technology in 2024. These innovative startups are changing the way the industry looks by providing services that are immersive and offer unmatched value for money. As we commemorate National Startup Day, we must acknowledge the critical role that these innovative businesses have played in transforming the travel experience. These startups, with their AI-powered personalized itineraries and seamless booking platforms, are leading the way in revolutionising the traveler experience. Let’s celebrate the creativity that is causing this significant change in the tourism industry and look forward to an unprecedented year of expansion and connectivity in the true spirit of entrepreneurship.

    WazirX VP Rajagopal Menon

    National Startup Day, celebrated on 16 January, is a tribute to India’s entrepreneurial spirit. We in the crypto space believe that startups are playing a crucial role in shaping the future of Digital India. This day provides a reminder for all of us to acknowledge the importance of entrepreneurship. One entrepreneur provides jobs to at least 5 others besides generating jobs for an entire allied eco-sytem. PM Narendra Modi announced that January 16th will be celebrated as National Startup Day. He stated that startups will be the backbone of the new India and will have an important role to play as the country completes 100 years of independence. India become the third largest startup ecosystem in the world. The Indian government has actively fostered this environment, recognizing over 98,000 startups by April 2023, eligible for benefits under the Startup India scheme. Initiatives like the Fund of Funds for Startups, Startup India Seed Fund Scheme, and Credit Guarantee Scheme provide multifaceted support.

    Prime minister Narendra Modi envisions startups as the cornerstone of India’s progress, particularly as the nation approaches its centenary of independence. This aligns with India’s emergence as the third-largest startup ecosystem globally. To nurture this growth, the government has recognized over 98,000 startups by April 2023, extending benefits under the Startup India initiative. Supportive measures like the Fund of Funds for Startups, Startup India Seed Fund Scheme, and Credit Guarantee Scheme bolster these enterprises at various developmental stages.

    We live in a time when industry is rapidly evolving and startups are at the forefront of driving this change. As entrepreneurs, we must firmly resolve to contribute to make India a five trillion dollar economy and work towards making that dream a reality.

    Green Mantis director Saahil Garg

    Celebrating National Startup Day 2024, we proudly showcase the vibrant tapestry of vegetarian Pan-Asian cuisine. Fueled by an unwavering passion for vegetarianism, our culinary journey blends traditional Asian flavours with inventive plant-based alternatives. The fusion of ancient recipes and contemporary ethics, embodying a culinary revolution that transcends boundaries. Here’s to a future where innovation meets tradition on the plate, embodying the spirit of startups and the richness of a plant-powered lifestyle, one delicious bite at a time.

    Mandakini founder Anita Katti

    As we celebrate National Startup Day 2024, let us embrace the spirit of innovation and entrepreneurship that defines our journey. Like the intricate weave of a silk saree, each startup thread contributes to the vibrant fabric of our economy. Today, we honor the visionaries who dared to dream, the risk-takers who turned ideas into reality, and the resilience that fuels their success. May this day inspire aspiring entrepreneurs to embark on their own silk saree of possibilities, weaving together passion, perseverance, and progress. Here’s to a future where every startup thread adds richness to the tapestry of our collective success.

    Rosemoore director Ridhima Kansal

    India’s startup landscape has shown tremendous resilience despite external shocks. As we mark National Startup Day, policy efforts must continue nurturing innovation. Beyond metros, building incubation channels for rural youth with contextual solutions know-how can promote inclusive entrepreneurship. Optimizing registration and tax processes alongside compliance guidance can further level the playing field for early-stage ventures. With targeted support, startups can become the job creators fueling a self-reliant India.

    Saraf Furniture founder Raghunandan Saraf

    Entrepreneurship is an ongoing evolution.National Startup Day celebrates the spirit of innovation, acknowledging the transformative power of entrepreneurship. It signifies the courage to dream big and take risks, creating opportunities for growth. While the journey is challenging, the initial vision must drive relentless hard work. Entrepreneurs, starting with a dream, navigate through difficulties, learning and evolving. The celebration emphasizes the importance of persistence, as success requires continuous dedication. Entrepreneurship is both rewarding and demanding, pushing individuals to surpass day one aspirations. In the face of obstacles, it is the unwavering commitment that propels startups forward. Starting a start-up reminds us that every challenge is an opportunity, and the pursuit of excellence is a journey worth celebrating.

    Tagglabs founder Hariom Seth

    On National Startup Day, let’s applaud the vibrant ecosystem of 112,718 startups, where visionary change-makers persevered against the odds. While the government’s initiatives have streamlined company registration, fundraising, and GST processes, there’s a call for a shift in policy mindset from regulation to fostering creative collaboration. Enhancing knowledge sharing through public-private mechanisms can empower startups to leverage technology and skills, paving the way for groundbreaking products.

    SpacеMantra founder Nidhi Aggarwal

    As India celebrates National Startup Day, we should applaud the entrepreneurs driving innovation even in turbulent times. From agritech pioneers building robust supply chains to fintech disruptors making digital finance accessible – startups sit at the epicenter of transformation. This ecosystem deserves nurturing. Beyond laurels, we must channel policy efforts into seed funding access, incubation hubs, and market connectivity to empower startups to improve more lives.

    NеtSеtGo co-founder Sundeep Rana

    Startup journeys demand grit but unlock immense reward. On National Startup Day, we salute the risk-takers striking out solo, bringing unconventional ideas to fruition. For hopeful founders, solutions-focused thinking, rapid prototyping and grasping real market needs are key. With entrepreneurship contagion sweeping India’s youth, robust mentorship programs, easier credit access and governmental process assistance will empower many more trailblazing startups to emerge.

    ILAMED & Dermalyn Aesthetics founder & director Dr. Ajay Rana

    Today, on National Startup Day 2024, we celebrate the spirit of innovation and perseverance that drives entrepreneurs in every field. In the realm of healthcare, Dermatologists, Surgeons, and Aesthetic Physicians embody this ethos, blending science with artistry to enhance lives. Their commitment to pushing boundaries and embracing new technologies mirrors the essence of startup culture. As we applaud the pioneers in dermatology and surgery, we recognize that each procedure is a testament to human skill and compassion. Today, let us not only commemorate the achievements of our medical trailblazers but also inspire the next generation to embark on their entrepreneurial journeys, forging a path toward a healthier and more beautiful world.

    Vervotech CEO & co-founder Sanjay Ghare

    From chai-powered startups in Pune to unicorns in Bengaluru, India is churning out 1,000 SaaS companies a year.

    And with an annual growth rate surpassing 30%, Indian SaaS startups have attracted over $6 billion in investments, becoming second largest ecosystem. This numerical surge reflects a paradigm shift, where innovation and entrepreneurship are pushing India to the forefront of the global SaaS revolution.

    EaseMyTrip co-founder Rikant Pittie

    The world of entrepreneurship is dynamic and can certainly be challenging. Pursuing your passion requires grit, determination, and courage. The recipe for success lies in your hard work and how determined you are to achieve your goals. The journey is about putting in consistent and persistent efforts, embracing challenges, making mistakes, and willingness to learn from failures.

    When you are building a business, being agile and flexible is necessary, as changing times will require an innovative, problem-solving approach and a progressive mindset. When my brothers and I decided to establish a business of our own, we did not have any external funding or a mentor who could guide us. We take pride in being a self-made, homegrown company, and have worked over the years to build a brand that is counted among the leading online travel agencies in the country today.  

    My advice to aspiring tech entrepreneurs would be to focus on their tech infrastructure, as it will form the robust foundation of your company and will be critical to your growth. Next, I would suggest working with a sustainable approach. Environmental consciousness is no longer a trend but has emerged as the need of the hour. Brands that can operate with this model are likely to gain customers’ trust and loyalty and have greater chances of attaining success. 

    VoloFin co-founder & CEO Roshan Shah

    India stands as a beacon of entrepreneurial prowess and innovation, fostering economic and societal progress both domestically and globally. As a startup ourselves, our approach is to embrace challenges as a learning tool, fostering a culture of innovation, initiative, and nurturing. We promoted cross-functional collaboration that harnessed diverse perspectives leading us to customer-centric design thinking becoming our focus and disrupting traditional product development. By challenging the traditional methods, startups demonstrated adaptability, unparalleled creativity, innovation, and foresight. This burgeoning startup culture in India not only fuels innovation but also emerges as a catalyst for sustainable and inclusive growth, positioning the nation at the forefront of global economic and technological advancements.

    Finvasia co-founder & MD Sarvjeet Virk

    Setting up a startup comes with a host of challenges. In our case, setting up a business in a supposed ‘small town’ like Chandigarh had people doubting us. We faced challenges with limited infrastructure, networking opportunities, and partnerships. However, by hiring and nurturing local talent, we turned these challenges into strengths over time. With proper guidance and opportunities, we found that the local talent was as skilled as their counterparts in bigger cities. After COVID, with more people working remotely, we had access to a broader talent pool. Stay focused on the problem statement, with new technology and innovation as the foundation for your growth.

  • Zoomcar appoints Adarsh Menon as president

    Zoomcar appoints Adarsh Menon as president

    Mumbai: Zoomcar Holdings, Inc (Nasdaq: ZCAR), the leading marketplace for car sharing in emerging markets, has announced the appointment of Adarsh Menon as its president to lead its business. This announcement follows Zoomcar’s recent listing on NASDAQ following closing of its business combination. In his new role, Adarsh will be responsible for all aspects of growth, operations, and customer experience for the company.

    Adarsh is a seasoned industry leader with over 22 years of experience and has joined Zoomcar after an eight-and-a-half-year stint with Flipkart and a twelve-year stint with Hindustan Unilever.  In his last role at Flipkart, Adarsh was heading all Flipkart’s new businesses – ClearTrip (Travel ECom), Shopsy (Hypervalue ECom) and ReCommerce (Used Goods ECom) – a new and high-growth mandate comprising of independent diverse businesses newly acquired or launched.  

    From leading M&A to scaling multi-billion-dollar businesses, Adarsh has a strong track record in leading businesses of various life stages by building strong revenue moats, profit pools and alliances.

    He has built and led large high-performing, engaged and agile cross-functional teams and has mentored and groomed several industry leaders. He enjoys solving the complex problems associated with scaling up businesses to positions of dominance in India. He is passionate about leveraging technology to solve problems for India & Indian customers.

    Zoomcar CEO and co-founder Greg Moran said “Adarsh’s diverse skillsets and seasoned leadership will play an instrumental role in continuing to scale our business. I am confident that in his new role he will help excellently position the company as we embark on reaching new heights for our emerging market-focused peer2peer car sharing platform.”

    Zoomcar India president Adarsh Menon added “I am very excited to be leading Zoomcar’s business at this important new phase. At Zoomcar, we’re currently sitting on the cusp of a dramatic transformation within personal mobility, and I look forward to working closely with Greg and the broader Zoomcar team to help the company reach new heights.”

  • Innovative International Acquisition Corp and Zoomcar announces effectiveness of registration statement on Form S-4

    Innovative International Acquisition Corp and Zoomcar announces effectiveness of registration statement on Form S-4

    Mumbai: Innovative International Acquisition Corp. (NASDAQ: IOAC) (“IOAC”), a Cayman Island registered blank-check special purpose acquisition company, and Zoomcar, Inc., a Delaware corporation (“Zoomcar”), an emerging market focused peer2peer car sharing company, are pleased to announce that IOAC’s registration statement on Form S-4, initially filed with the U.S. Securities and Exchange Commission (“SEC”) on 7 February 2023 (as amended, the “Registration Statement”), has been declared effective by the SEC. The Registration Statement was filed in connection with the proposed business combination between IOAC and Zoomcar, previously announced on 13 October 2022.

    IOAC has scheduled an extraordinary general meeting of IOAC shareholders (the “IOAC Meeting”) to seek approval and adoption of the Merger Agreement among IOAC, Zoomcar and the other parties thereto and the transactions contemplated thereby (the “Transaction”), and other related matters, a key milestone in the business combination process.

    IOAC’s shareholders of record as of the close of business on 20 September 2023, are entitled to receive notice of, to vote, and have their votes counted at the IOAC Meeting and any adjournment thereof.  The joint proxy statement, prospectus and other relevant documents in connection with the proposed Transaction will be mailed to IOAC’s shareholders as of the record date. The Registration Statement containing the joint proxy statement and prospectus contains important information about the proposed Transaction, the Merger Agreement, and the proposals to be considered at the IOAC Meeting. The Registration Statement containing the joint proxy statement, prospectus, and proposals to be considered is available through the SEC’s website at www.sec.gov.

    The joint proxy statement also notifies Zoomcar stockholders of Zoomcar’s solicitation of written consents to the Merger Agreement and Transactions associated therewith.  Zoomcar stockholders of record as of 30 September 2023 will be entitled to execute and deliver written consents and are encouraged to review the important information about the proposed Transaction contained in the proxy statement and written consent solicitation materials, in addition to the Registration Statement and IOAC’s other public filings available free of charge through the SEC’s website at www.sec.gov.

    IOAC CEO & chairman Mohan Ananda stated, “I am delighted to announce the SEC’s approval of the effectiveness of the S-4 registration statement. This significant milestone brings us one step closer to finalizing the merger transaction with Zoomcar, a leader in emerging markets as the largest car-sharing platform. With the explosion of emerging markets and the wave of global entrepreneurship, I am confident about Zoomcar’s bright future as a leading global mobility platform.”

    Zoomcar CEO & co-founder Greg Moran commented, “We’re thrilled to announce this important milestone in our ongoing partnership with the IOAC team and we look forward to continuing the buildout of our peer2peer car sharing platform across our core emerging market geographies.”

    The closing of the Transaction, which is expected to occur in the fourth quarter of 2023, is subject to approval by IOAC shareholders, Zoomcar stockholders and the other closing conditions set forth in the Merger Agreement. Upon closing of the Transaction, IOAC is expected to transfer by way of continuation out of the Cayman Islands and into the State of Delaware and be renamed Zoomcar Holdings, Inc., and will continue to operate under the Zoomcar management team, led by Greg Moran, Co-Founder and Chief Executive Officer of Zoomcar. The combined company’s common stock is anticipated to be listed on NASDAQ under ticker symbol “ZCAR.”

  • Zoomcar partners Air India to offer Flying Returns points to travelers

    Zoomcar partners Air India to offer Flying Returns points to travelers

    Mumbai: Zoomcar, the leading marketplace for car sharing in emerging markets, has announced a partnership with Air India, the country’s leading international carrier, enabling the carrier’s Flying Returns (FR) frequent flyer members to earn Flying Returns points for using Zoomcar’s car sharing services. Air India Flying Returns members can now choose from Zoomcar’s self-drive options through the Air India website.

    Flying Returns members will receive up to five Flying Returns points on every 100 spent and an additional discount of up to 15 per cent on their first booking with Zoomcar till 30 September 2023, using the promo code ‘ZOOMAIR INDIA’.

    Zoomcar’s core offering allows individuals to access personal mobility in a safe, affordable, and flexible manner.

    Steps to earn Flying Returns points:

    •    Visit Air India partner page through link and click Book Now –https://www.airindia.com/in/en/flying-returns/partner-offers/zoomcar.html
    •    Visit Zoomcar app/download the App
    •    Provide the required details (Pick up location, start date, End date etc.) to search the cars available near your pickup location.
    •     Select from the list of options available.
    •    Once you have finalized the car, apply ‘ZOOMAIRINDIA’ coupon to earn additional discount & Flying Returns points & make the payment.

    “Over the past decade, we have been transforming urban mobility across emerging economies,” said Zoomcar CEO & co-founder Greg Moran. “We are delighted to partner with Air India to bring innovative, mobility solutions to our common guests. As trusted travel partners for customers across the country, we see great synergies in this partnership.”

  • Tata Power and Zoomcar join hands to offer seamless EV charging infra solutions

    Tata Power and Zoomcar join hands to offer seamless EV charging infra solutions

    Mumbai: Tata Power EV Charging Solutions Ltd. (TPEVCSL), a Tata Power group Company and Zoomcar, a leading marketplace for car sharing, have entered into a Memorandum of Understanding (MoU) to promote widespread electric vehicle adoption and deliver a seamless, user-friendly charging experience to EV users nationwide.

    The MoU was signed between Tata Power EV Charging Solutions Ltd. (TPEVCSL) and Zoomcar in Mumbai in the presence of Tata Power Renewable Energy Ltd CEO Ashish Khanna, Tata Power head business development, EV Charging Virendra Goyal, Zoomcar CEO and co-founder Greg Moran. Tata Power EV Charging Solutions Limited is a wholly owned subsidiary of Tata Power Renewable Energy Ltd.

    This collaboration aims to promote Tata Power’s EZ Charge points on the Zoomcar platform and will focus on supporting existing and aspiring EV owners along with Zoomcar’s existing customers. Valuable insights on Tata Power’s extensive network of EZ Charge points all across the country will provide these customers with easy access to streamline the EV charging process and address the challenges often associated with using the charging infrastructure. This will encourage more people to list their EVs on Zoomcar’s platform and potential customers to opt for them.

    Tata Power has an extensive EV charging infrastructure: EZ Charge includes over 50,000 home chargers, 4370+ public and semi-public charging points, and 250 bus-charging points across 350 cities including multiple highways. The company aims to establish 25,000 charging points in the next five years, bolstering the national EV ecosystem and driving sustainable mobility growth. Zoomcar, has over 20,000 cars on its technology-driven platform across India, Indonesia, and Egypt.

    “This collaboration with Zoomcar is another milestone in our journey to speed up the green mobility transition in the country. As India’s leading EV charging infrastructure provider, we are constantly collaborating with industry partners such as Zoomcar to develop a technologically advanced and robust EV ecosystem in the country.”said Tata Power CEO & MD Praveer Sinha.

    Zoomcar CEO & co-founder Greg Moran stated, “We are very excited to embark on this journey with Tata Power, leveraging their position as a leader in the field of EV charging.  At Zoomcar, we strive to be at the forefront of creating innovative solutions that can help shape the mobility industry. Our car-sharing platform is perfectly suited for electric vehicles and we expect to grow 50% of our platform by 2025. This mutual partnership is poised to create a comprehensive ecosystem that fulfils the evolving needs of EV enthusiasts”

  • Zoomcar unveils #SheDrives campaign ahead of Women’s Day

    Zoomcar unveils #SheDrives campaign ahead of Women’s Day

    MUMBAI: Ahead of the International Women’s Day, the Bangalore-based self-drive car rental company, Zoomcar has launched a campaign to facilitate women’s access to personal mobility, titled #SheDrives.

    The campaign encourages more and more women drivers to hit the roads by helping them complete the entire spectrum of learning how to drive via their neighborhood licensed driving school and helping them own a car by subscribing to one.

    Inviting women to conquer the roads, Zoomcar is providing 10 women with 3 months’ free car subscription from ZAP Subscribe.

    Those women who wish to subscribe to a car and have procured a driving license in the past 6 months can have their fee reimbursed from Zoomcar as well, simply by showing the receipt of the driving school.

    Commenting on the novel campaign, Zoomcar co-founder and CEO Greg Moran said, “Women play a pivotal role in all aspects of socio-economic development. However, their access to personal mobility has always been challenged, thus limiting their growth and leading to several challenges. To the same end, on the occasion of the International Women’s day, we have launched the #SheDrives campaign to facilitate a woman’s access to personal mobility. The campaign will address two critical aspects of personal mobility for women, firstly, having a personal vehicle and secondly, the skill to drive. To the same end, we are not only providing free subscription to cars under ZAP Subscribe but also sponsoring the driving school fee for women drivers. Our motto is simple; #SheDrives her ambitions, #SheDrives motivation in the family, #SheDrives our world, to her mobility is the key!”