Larry Summers fuels B’lore car hire startup

Bangalore: After downing a fewBelgian beers at a restobar in New York City, Greg Moran and David Back ditched the idea of pursuing their fullyfunded management degrees at the University of Southern California and Cambridge University’s Judge School of Business, to chase a crazy, entrepreneurialidea,three years ago.

Buddies from grad school —University of Pennsylvania — they found common interest amid a confluence of ideas during their beer talk: Indiyeah! Moran was passionate about starting a venture around urban development while Back was keen to replicate a car sharing service on thelinesof Zipcar in theUS.

The two 28-year-old college mates landed in Bangalore to kick-start their startup car rental business, ZoomCar India, in 2012. The self-drive car rental service allows people to hire cars by the hour or by the day and has pitted itself againsttheorganizedcab rental marketin thecity.

The Bangalore-based company — which began operationsin February this year — has already raised $650,000 in capital from a clutch of marqueeinvestors acrossthe globe and has clocked 800 bookings in a littleover 20weeks.

Larry Summers, a frontrunner for the US Federal Reserve chairman’s post once Ben Bernanke retires, invested $30,000 in May in ZoomCar. Lady Barbara Judge, chairman emeritusof theUKAtomic Energy Authority and former US SEC commissioner, along with her family members, had invested $120,000 while specialist angel investor Raj Elango pumped in $200,000. New York-based EmpireAngelsis among theother big investorson board.

via Larry Summers fuels B’lore car hire startup.

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About Ganesh Srinivasan Consulting

Management Consultant from India with International Solutions Selling, Projects Implementation, Joint Venture, Collaboration and Procurement experience Building a Global Team of Consultants and Niche Products and Services

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