India’s Zoomcar raises $40M led by automotive giant Mahindra & Mahindra

India’s Zoomcar — which operates an on-demand car rental service — has raised a $40 million Series C round led by Mahindra & Mahindra, the 70-year-old Indian corporation that specializes in automotive.

Ford and other existing investors also took part in the round, Zoomcar confirmed. CEO and co-founder Greg Moran added that the round is still open and may be extended with other investors coming in.

The deal values Zoomcar at around the $170 million according to Mahindra & Mahindra, which confirmed it has bought a 16 percent share in the startup for Rs 176 crore (approximately $27.5 million.)

As it stands, the new capital takes Zoomcar to around $100 million from investors to date, according to Crunchbase. Previous to today, its last round was its $24 million Series C led by…

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