Along with the latest transaction, Scoot Networks has added 500 new Mahindra Genze electric scooters to its fleet.
28 Jun 2016 | 4514 Views | By Autocar Professional Bureau
Mahindra Partners, a subsidiary of the home-grown automaker Mahindra & Mahindra, today announced that it has closed a new round of financing in Scoot Networks, an urban mobility solutions provider based in San Francisco, California to promote electric mobility and its GenZe brand of scooters in the US.
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Mahindra Partners, a subsidiary of the home-grown automaker Mahindra & Mahindra, today announced that it has closed a new round of financing in Scoot Networks, an urban mobility solutions provider based in San Francisco, California to promote electric mobility and its GenZe brand of scooters in the US.
Commenting on the transaction, Anand Mahindra, chairman, Mahindra Group, said: “We are excited to partner with the terrific team at Scoot Networks to provide a sustainable solution to the growing challenges associated with urban commuting – parking, congestion, and pollution. The GenZe 2.0 is designed to intelligently address these challenges by offering relevant and affordable technology.”
Scoot Networks was set up in 2012 and offers electric two-wheelers called ‘Scoots’, which can be rented out and used for local commuting in the city. With a fast growing network of charging stations and convenient parking spaces, has seen a rising patrons for its service in the Bay area.
Additionally, the extremely low rental costs and the fact that anyone can ride a Scoot without a driver’s licence have also added to the popularity of the service provider. Scoot offers monthly subscriptions for renting a Scoot as well as a pay-per-use plan. It also offers a two-day visitor pass for tourists coming into the city.
“We are proving that electric transportation can be both affordable and profitable,” says Scoot Founder & CEO Michael Keating. “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.”
Along with the latest transaction, Scoot Networks has added 500 new Mahindra Genze electric scooters to its fleet.