We were recently featured on the front page of the Times of India, on the Wall Street Journal’s India Blog, and on CNN Money! This comes on top of our earlier great coverage in The Hindu, CNBC India, Forbes, and many others. Excitement is continuing to build, and we owe it all to our enthusiastic members. Thank you to all those self-drivers who Zoom with us in Bangalore!
This recent press coverage discusses how the two founders of Zoom, David Back and Greg Moran, decided to drop out of business school to pursue their passion and launch Zoom, a self-drive car rental service that allows people to hire cars by the hour or by the day. In a country where a mere 18 out of 1,000 people own a car, this service was met with open arms. After all, not many people own a car in a city like Bangalore where traffic and parking are a nightmare, and a two-wheeler is often the easiest way to get around. But sometimes, you want the freedom of four wheels!
These articles describe how the Zoom Team caught the attention of some major investors. To name a few: Larry Summers(Former US Treasury Secretary [Finance Minister] and current front-runner to be the next US Federal Reserve Chairman), Lady Barbara Judge (Chairman Emeritus of the UK Atomic Energy Authority and former US SEC commissioner), Empire Angels (New York based investment network), and Rajkumar Elango, an experienced angel investor in Bangalore.
The Wall Street Journal quotes Lady Judge, who has only invested selectively in startups, as saying Its very unusual for me, but the reason I did this one was because I had faith not only in the concept, but in the management. Additionally, Empire Angels Founder Graham Gullans said Zoom has surpassed every milestone that Empire Angels targeted when we made our investment last Fall.
Despite the fact that before launch over 1,000 people told us there would be no demand for such a venture since rental cabs are mainstays on the road the Team remained persistent and ignored the naysayers. Zoom has had to turn away reservations every weekend since launch (27 weekends in a row) because demand has exceeded supply. So much for no demand…Moran/Back- 1…Naysayers- nil.
Don’t get us wrong – we hate turning members away! As a result, Zoom has added vehicles and new sites where people can Zoom off. We now offer a mix of Ford Figo, Mahindra Scorpio (7 and 8 seater), BMW 3 series, and even the brand new Reva E2O. CNN reports that Zoom is on-track to have 150 vehicles in Bangalore by January 1, and to keep expanding from there! Occasionally renting a self-drive car is being seen as an affordable luxury.
The recent press has helped bring a ton of new members to Zoom! We’re excited about them, and we’re thrilled with the loyal members who have been with us since the beginning. It seems like you guys are excited about self-drive car hire in Bangalore! Expect more great developments over the next few weeks.
– Troy Erstling