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There is no denying that 2020-2021 has been tough for the entire shared mobility sector, but it’s been particularly harsh on those that have used funds raised to expand without looking at unit economics. Everyone from Bounce to Vogo and Rapido to Zoomcar has tinkered with their model, but Zoomcar has been in the news for all the wrong reasons. And now its financials paint a bleak picture of its future.
Three months into the lockdown, the startup was caught in a storm of customers demanding refunds on social media, but CEO Greg Moran claimed he wasn’t aware of any such complaints. Cut to ten months later, the situation is still the same on the refunds front, and its financials have worsened. Zoomcar’s losses have more than doubled in FY20 from FY19’s INR 209 Cr to INR 424.3 Cr.