Expanding the horizons: Zoomcar business model
India’s first-ever online self-drive car rental company; Zoom is in the news for all the right reasons. The successful Zoomcar business model has become the talk of the town when it comes to discussing the car renting business.
In this write-up, let us unwrap the successful business idea and canvas that has helped Zoom to gain popularity and preference over a very short period of time.
- Zoomcar Business Model Canvas Explained
- Business Timeline: Zoom Car
- Revenue Insights: Zoom Car
- Latest additions in Zoom car business
- Zoom Car future endeavours
- Is it ideal to replicate the Zoom Cars Business model?
- Factors favourable in Zoom car success and futuristic opportunities
- Key Takeaway
Zoomcar Business Model Canvas Explained!
The company owns around 75% of cars through bank loans and the remaining 25% are owned/ occupied by large companies like Avis Budget Group.
Here is how the business model works!
Step 1: Search the vehicle
As soon as a customer wishes to avail of the car rental services, the first level of work is to get on the search mission. It includes scrolling down the list and finding the best-suited vehicle as per the requirements. It enables the customer to select and pick a favourable car.
Once you are able to shortlist the vehicle, the next step is to initiate the booking. It includes the booking of the vehicle online. You can either book it via the web or through the mobile app.
Step 2: Uploading the documents & pay a security fee
As soon as you confirm your booking, you need to upload documents (driving license) and pay a fixed fee in the context of small security.
Step 3: Getting the confirmation
Once the documentation part is completed, the next step is to get the process done with a confirmation message of car details, mostly 20 mins before the pickup time.
Step 4: Fill to start checklist
Before taking up the car, you need to fill a certain checklist on the Zoom car app. As long as you are done with it, you can quickly grab the keys from the glove box and can enjoy the ride.
Step 5: Return the car
The business model ensures that once the customer has availed of the services, he can return the car to the same location and fill the end checklist. This will mark up the finishing of your trip.
Thus, this 5-step process lays the foundation of the Zoom car business model and its successful set of processes.
Business Timeline: Zoom Car
The Zoom Car business comes under the following categories: automotive, eCommerce, rental, reservations and transportation.
With headquarters in Asia-Pacific, here is a quick glance at the business timeline.
Legal name: Zoomcar India Private Limited
Till now, the company had raised $115.2 M funds from its investors in various series.
Founded by David Back & Greg Moran, Zoom Car currently has 101-250 employees on board.
Revenue Insights: Zoom Car
It has been estimated that the business manages to get $18.3 M revenue annually. There are two main segments in the revenue generation model.
Segment 1: Cars
Zoom cars have one segment that consists of a collection of various cars. These cars are the primary source of generating revenue. Or you can say the car rental marketplace is here to stay and generate the much-required revenue.
Segment 2: Customers
Customers are the real game-changers. They are the source of generating and multiplying the revenue with the passing times.
In places, where the vehicle-ownership rate is quite low, choosing to go ahead with Zoom cars for the upcoming travel, has become the need of the hour.
Latest additions in Zoom car business
It is announced that Gene Angelo Ferrer is joining as the Vice President and Country Head for the Zoom Car expansion in the Philippines.
Talking about the impact of his presence, it has been documented that Gene was responsible for growing the company revenue with a remarkable spike in daily revenue growth rate and a number of total deliveries per day rate.
After the Philippines, Egypt’s market is also well covered by the Zoom Car Influence under the mentorship of Hany Olama.
Willing to know more about their contribution and its impact, read the news.
Zoom Car future endeavours
As the market is getting tough and competitive, Zoom Car is ready to expand its horizon in other perspectives too. The upcoming venture called “ Zoomcar Mobility Stack” has all the potential to kickstart the growth in the new expansion.
ZMS is known to manage the fleet and keep an eye on the tracking of vehicles and user behaviour in real-time. Based on the latest technology: Internet of Things, ZMS will help in preventing vehicle damage to the potential value.
Experts believe that in the coming times this is going to be a smarter addition to prevent the damage of the vehicle.
Is it ideal to replicate the Zoom Cars Business model?
Looking at the current market preferences and the adaptive change in customer’s travel patterns now is the perfect time to get started. Zoom Car is a self-driven rental car model that allows individuals to rent a car without any third-party involvement (in the travel).
This makes it obvious for the customers who are apprehensive about precautions (amid pandemic) to go ahead with the safest and hygienic rental option.
In simpler words, the Zoom car business model is a perfect fit for the new normal.
Factors favourable in Zoom car success and futuristic opportunities :
There are certain factors that are altogether responsible for making Zoom Car an ideal player in the car rental marketplace.
Some of the considerable factors are:
Customers are looking for flexible options even in the rental car business model. This is because of the tight and unexpected schedule of people in today’s era. In such cases, opting for a flexible rental business model is a win-win situation.
The ongoing freedom a customer can experience while going ahead with the rental car model, as offered by Zoom Cars helps in winning the trust and preference vote of the individuals. If you are looking for complete freedom from the interference of the business providers during your travel, Zoom cars is definitely a must-try.
Again, if you choose to go ahead with Zoom Cars, you can own complete accessibility to the available vehicles. This list can give you a brief attribute of what to expect and how to go ahead with the availability.
Hence, the above-mentioned points make it easier for Zoom Cars customers to become regular customers.
Zoom Cars is one of the growing and prospering car rental places that can help a business owner to expect a faster ROI in less time.
With a smart investment, you can enter the car rental marketplace and can lead the market with your name.
If this business model excites you, feel free to connect with our rental marketplace experts and replicate this business model.
Looking forward to making it better for you!