Mahindra arm invests in US-based Scoot Networks

Sharing of smartphone-activated electric scooters shall be a global successful model.  

The Dollar Business Bureau

Mahindra Group’s private equity arm Mahindra Partners has invested an undisclosed amount in the US based urban mobility solutions provider Scoot Networks in the new round of funding, the company said in a statement. Along with this, Scoot Networks has added 500 Mahindra Genze electric scooters to its fleet.

The $900-million private equity and venture capital firm has completed financing a new round in Scoot Networks. Vision Ridge Capital is one among the other investors who have invested in this San Francisco-based company earlier.

Speaking about the partnership, Anand Mahindra, Chairman of Mahindra Group, said that the company has tied up with Scoot Networks team to offer a solution to the urban commuting challenges such as pollution, parking and congestion. Mahindra GenZe 2.0 is an answer to all these challenges. This has been designed to deliver relevant technology at affordable cost.

Zhooben Bhiwandiwala, Managing Partner of Mahindra Partners is optimistic about the concept of Scoot Networks. The sharing of smartphone-activated electric scooters will be expanding worldwide as a successful model. This is the first significant investment of Mahindra Partners in the US, he said. 

According to Scoot Networks Founder and CEO Michael Keating, the company is providing electric transportation which is affordable and also profitable. He is excited to partner with Mahindra. With this, the company is now having the vehicles as well as resources to scale up the scooter sharing business, he said.

 

The Dollar Business Bureau - Jun 29, 2016 12:00 IST
 
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