Zoomcar has established itself as a leading marketplace for car-sharing in the country, continuously adapting to the evolving needs of its customers.Zoomcar has made some strides in its debt restructuring efforts as the self-drive car-sharing marketplace aims to reduce the company's debt obligations of approximately USD 31 million out of its total outstanding liabilities as of June 30, 2024.
Zoomcar has negotiated with lenders and vendors, managing to address roughly 75% of its immediate debt. This restructuring effort involves converting a substantial portion of these obligations into a deferred payment schedule spanning up to 24 months or negotiating reduced payouts of up to 50% for short-term settlements. The company aims to finalise this restructuring initiative by the end of November 2024, significantly lowering its immediate cash outflow and paving the way for future investments.
“Zoomcar’s business fundamentals are strong, and this debt restructuring is an important step towards positioning the company for long-term success...Our focus remains on sustainable growth and fulfilling our financial obligations, which is key to maintaining trust with our partners and customers,” said Hiroshi Nishijima, CEO of Zoomcar.
Founded in 2013 and headquartered in Bengaluru, India, Zoomcar has established itself as a leading marketplace for car-sharing in the country, continuously adapting to the evolving needs of its customers.
