Mahindra & Mahindra announced that it would be investing in Zoomcar India and in Zoomcar Inc. its US incorporated holding parent company in keeping with the Mahindra's thrust on the shared mobility business.

As part of the deal, Mahindra Group will invest Rs 1.76 billion in Zoomcar India or Zoomcar Inc. which on an as converted to common stock of Zoomcar Inc on a fully diluted basis, would constitute approximately 16% stake in Zoomcar Inc.

Mahindra has been keen to invest in the shared mobility space as a part of its strategy to promote and participate in sustainable mobility solutions, including multi modal urban mobility. This is with the objective of enabling improved livelihoods and lifestyles of people, thereby enabling them to RISE. To that end, Mahindra has been promoting Electric Vehicles along with the promotion of shared mobility. This investment in India's leading self-drive shared mobility company will enable the company to further its objectives in this area.

Pawan Goenka, Managing Director, Mahindra & Mahindra, mentioned, "At Mahindra, we are playing a pioneering role in the shared mobility business and are looking forward to an impetus in it through this investment in Zoomcar. We are confident that this partnership with Zoomcar will help further our vision to transform mobility in the country, thereby creating a more connected ecosystem". 

Shares of the company declined Rs 4.45, or 0.59%, to trade at Rs 746.10. The total volume of shares traded was 10,854 at the BSE (9.50 a.m., Friday).