Sequoia Capital India is investing $7 million in Carzonrent India, the exclusive licensee of Hertz in India, to expand the company’s reach to new cities and enter into related businesses.
Sandeep Singhal, managing director of Sequoia Capital India will be joining the board of Carzonrent.
Carzonrent offers chauffeur-driven and self-drive rental options.
Rajiv K Vij, chief executive officer of Carzonrent, said: “The car rental industry in India is poised for aggressive growth. An infusion of new capital into our company and Sequoia’s strong experience in consumer businesses….(will) assist us in building further on our market leadership position.”
Earlier this year, Sillicon Valley-based Sequoia Capital merged with WestBridge Capital Partners, an established Bangalore-based venture capital firm, to form Sequoia Capital India. The latter manages around $750 million across three funds, and recently invested $12 million in Paras Pharmaceuticals, a company Actis invested into in September.