New Delhi: Mahindra Partners, Mahindra Group's $900-million private equity arm, on Tuesday announced closing of a new round of financing in Scoot Networks, an urban mobility solutions provider based in San Francisco. For latest news on Business, like us on Facebook and follow us on Twitter.
With this deal, Mahindra Partners has now joined other investors including Vision Ridge Capital.
This financing round closes simultaneously with Scoot's significant network expansion supported by a brand new fleet of 500 Mahindra GenZe electric scooters, Mahindra Group said in a statement.
Mahindra Group chairman Anand Mahindra said the partnership will provide a sustainable solution to the growing challenges associated with urban commuting like parking, congestion and pollution.
"The GenZe 2.0 is designed to intelligently address these challenges by offering relevant and affordable technology," he added.
Mahindra Partners managing partner Zhooben Bhiwandiwala said this venture represents the company's first significant investment in the US and it would suitably expand and develop the "unique sharing model into a globally successful concept".
Stating that electric transportation can be both affordable and profitable, Scoot founder and CEO Michael Keating said, "We now have the vehicles and resources we need to scale the business, thanks to our partnership with Mahindra and the ongoing support of our earlier investors."
Scoot Networks offers hundreds of shared, smartphone-activated, electric motor scooters and mini cars available all over San Francisco for $4 per ride.