Zoomcar, the self-drive car-sharing company with a presence in 27 cities in India, on Wednesday said the company turned EBITDA (Earnings before interest, tax, depreciation and amortization (EBITDA) profitable by December 2017.
The company's revenues grew over 40% in 2017 to help Zoomcar in achieving this profitable outcome.
Commenting on the development, Zoomcar CEO and Co-Founder Greg Moran the company's business has performed exceptionally well in the past year.
"Our approach to augmenting customer experience through technology truly differentiates our brand and allows us to control over 70% of the self-drive market across the country. We are looking at a 4X growth over the course of 2018," he said.
Moran also said Zoomcar will expand its supply through ZAP and are targeting more than 12,000 vehicles by December 2018.
Since its inception in March 2013, Zoomcar has consistently reported strong unit economics with over 11 lakh trips in 27 cities and a ticket size of about Rs 4000 to 5000 on an average.
On the back of EBITDA profitability and strong revenue growth, the company now plans to enter Southeast Asia and Africa in 2018.
Zoomcar profitability push was primarily bolstered by rapid new vehicle supply growth through its industry leading ZAP marketplace.
Alongside this supply expansion, Zoomcar also witnessed strong new user growth and a proliferation of new products that significantly improved the user experience.
This exponential growth and scale witnessed by Zoomcar has firmly established it as the leading player in the Indian self-drive car sharing industry. Zoomcar currently has more than 20 lakh registered users Pan-India with a fleet of more than 3,000 vehicles.
As a complement to its self-drive car sharing business, Zoomcar launched India's first dockless cycle sharing service, PEDL, in November 2017.
PEDL has a fleet of over 3,000 cycles in 8 cities and has completed more than 4 lakh trips till date. PEDL is rapidly expanding and plans to add 5 lakh cycles over the course of the year across over 50 cities.