Zoom

Current rates of Indian car purchasing are simply unsustainable. Traffic is already at appalling levels, and India is adding 800,000 cars and 15 million two-wheelers every year. As Indian cities become even more dense and congested, many urban Indians will be unable to rely on personal cars for day-to-day transportation.

Car sharing is attractive for people who make occasional use of a vehicle, as well as car owners who would like access to a vehicle of a different type. For example, people who normally rely on walking, public transportation, a bike, or a motorcycle might want a car when out-of-town relatives are visiting or an SUV when going to the mountains.  Car sharing is the “missing link” in urban transportation infrastructure, allowing people to rely on public transportation most of the time, while still enjoying the major benefits of car ownership.

Car ownership requires an enormous fixed cost – purchasing a vehicle, paying insurance, and renting or buying a place to park the vehicle.  The variable costs are relatively low – fuel and maintenance. Car sharing inverts this cost picture. The fixed costs for the user are nominal.  This means that a lot fewer unnecessary trips are taken.  In addition, by providing an alternative to private car ownership, car-sharing reduces the amount of resources being used to produce vehicles and parking spots.  Finally, car-sharing allows people to pick the most efficient vehicle for each trip, such as a plug-in electric car for around-town errands, and an SUV for trips to the mountains.

Zoom will demonstrate a proof of concept through a 10 vehicle pilot in Bangalore. After the successful pilot, Zoom will roll out 30 vehicles before seeking an A round to fund expansion in Bangalore. Zoom intends to expand to Mumbai and Delhi within 9 months of launching.

We have encountered significant interest in car-sharing among Indian consumers. After reading a brief description of car-sharing, 53% of our survey respondents indicated that they were very interested (24%) or somewhat interested (29%) in becoming a member. A full 38% of respondents said that the opportunity to join a car-sharing service would make them less interested in owning a car. In addition, when asked to type in what potential negatives they could think of about a car-sharing service, 17% used the opportunity to instead reaffirm that they were enthusiastic about the idea and would like to join!

Zoom has already negotiated deals with GM, Mahindra, and BMW to provide vehicles, customization, maintenance, insurance, financing, and logistical support; with MapMyIndia to provide an integrated technology platform including RFID locking mechanisms, a reservation system, and consumer facing in-car technology; and with Golden Gate Properties to provide parking spaces in residential apartment buildings.  Zoom is currently discussing partnerships with IIM Bangalore to offer car-sharing to students; with Infosys, Yahoo, Google, and Wipro to provide car-sharing on corporate campuses; with local utilities to provide electric-vehicle charging infrastructure; and with the Commercial Real Estate Development Association of India (Bangalore chapter) to provide introductions to other property developers.

Zoom is a true opportunity to do well by doing good – to make a substantial profit while providing significant environmental and social benefits to India’s developing cities.  It also, to a limited but real extent, benefits everybody by reducing the growth of greenhouse gas emissions.

Team:

David Back, CEO & Co-Founder 

• 5 years experience in infrastructure focused entrepreneurship; filed multiple energy patents 
• Currently finishing his final year at Harvard Law School (top 10% of the class) 
• Four semesters experience assistant-teaching courses on the history and future of globalization at Harvard College, Harvard Kennedy School, and University of Pennsylvania
• Work experience at McKinsey, The Kauffman Foundation, and American Enterprise Institute

Greg Moran, CFO & Co-Founder 

• 5 years experience in energy/infrastructure sectors across investment banking, private equity, and business development 
• Currently attending USC Marshall School of Business 
• Founder and President of USC Energy Club 

Srinivas Rao, COO 

• 15 years car rental operations experience in Bangalore and Mumbai, including senior roles with Hertz
• Co-founded two car-rental start-ups, serving in operational, technical, marketing, and executive roles
• Received a B.Sc. in Marketing and Andhra University

Nishkaam Mehta, Independent Director 

• Over 5 years experience in digital media, online marketing, strategy consulting, entrepreneurship and venture investing (majority in India) 
• Member of the Mumbai Angel Ventures (one of largest networks in India) 
• Currently attending USC Marshall School of Business

Board of Advisers:

1. T.R. Ballu - Indian Transportation Minister
2. Kunal Bahl - Founder & CEO of Snapdeal (India’s largest “daily deal” website, valued at $200 million)
3. Madhav Pai - Executive Director of EMBARQ India (formerly the Center for Sustainable Transportation)