Mahindra Partners, the $900
million private equity division of the Mahindra group, has announced that it
has closed a new round of financing in Scoot Networks, an urban mobility
solutions provider based in San Francisco, California, joining other prior 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.
Anand Mahindra, Chairman,
Mahindra Group, said of the transaction: “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.”
“We are proving that electric
transportation can be both affordable and profitable,” says Scoot Founder &
CEO Michael Keating, adding that “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.”
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