Mahindra Partners Funds Scooter-Sharing Platform “Scoots Network”
Mahindra Partners, the $900 million (Rs. 6110 crore) private equity arm of Mahindra Group, on Tuesday, announced that it had completed a new round of...
Mahindra Partners, the $900 million (Rs. 6110 crore) private equity arm of Mahindra Group, on Tuesday, announced that it had completed a new round of funding with Scoot Networks—the scooter sharing, urban mobility platform, based in San Francisco.
With this investment, Mahindra Partners joins Vision Ridge Capital beside other investors in funding the Scoot Networks. The Indian investor did not, however, reveal the investment amount. Along with this deal, Scoot Networks also purchased 500 Mahindra GenZe electric scooters to add to its fleet of electric vehicles.
In a statement issued by Mahindra Partners, Anand Mahindra, Chairman of Mahindra Group, said, “We are excited to partner with the terrific team at Scoot Networks to provide a sustainable solution to the growing challenges associated with urban commuting – parking, congestion, and pollution,” and about the GenZe, he added, “The GenZe 2.0 is designed to intelligently address these challenges by offering relevant and affordable technology.”
“We are optimistic that the team at Scoot Networks will suitably expand and develop this unique sharing model into a globally successful concept,” said Zhooben Bhiwandiwala, Managing partner, Mahindra Partners.
Scoot Networks is apparently happy with the investment, which will help them expand and provide better service. “We now have the vehicles and resources we need to scale the business, thanks to our partnership with Mahindra and the ongoing support of our earlier investors,” said Michael Keating, Founder and CEO, Scoot Networks.
Scoot Networks offers electric scooters and electric cars for rides, beginning from just $4 per ride. The CEO of Scoot Networks Michael Keating says that electric vehicle riding can be both affordable and profitable. It is probably this line of thought that has led Michael Keating to come up with this attractive electric-vehicle, scooter-ride-sharing, rental platform.