Since its launch in 2012, Scoot users have logged over a million electric miles. Expect that number to begin climbing even faster, as Indian automaker Mahindra will be providing hundreds of its GenZe 2.0 flat-floor scooter to the fleet. To help foster the growth of the service, Mahindra and sustainability-focused investment firm Vision Ridge are financing Scoot's growth, which Scoot Founder and CEO Michael Keating sees as a clear sign of success. "We are proving that electric transportation can be both affordable and profitable," he says. "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."
In addition to removing the headaches of ownership, expensive fueling, and parking, the Genze 2.0 electric scooter also offers the convenience of requiring no special motorcycle license to operate. Also, while locals can take advantage of a monthly Scoot subscription, for those whose EV scooter needs are more intermittent (like someone traveling to San Francisco for the weekend), Scoot also offers a two-day Visitor Pass. While the scooter's speeds may not be suited for highway travel, they're great for running errands around town, and can carry up to 75 pounds in the rear storage bay.
Scoot hasn't provided much in the way of geographic details of its expansion, beyond the large contribution to its existing San Francisco fleet. Some of the funding, though, will go to launch Scoot in new markets in 2017. We'll just have to wait to see which cities will be the next to get the new, emissions-free improvements to urban livability. Read more in the press release below.
SAN FRANCISCO, June 28, 2016 /PRNewswire/ -- Scoot Networks, Inc. announced today that it has closed a new round of financing led by Mahindra Partners and Vision Ridge Capital, with participation from Tom Dinwoodie and other investors from previous rounds. This financing round closes simultaneously with Scoot's significant network expansion supported by a brand new fleet of hundreds of Mahindra GenZe electric scooters.
"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."
Used by thousands of people every month, Scoot riders have traveled over 1,000,000 zero-emission miles to date. Scoots are mopeds and do not require a motorcycle license to operate.
"At Vision Ridge, we're big believers in next generation transportation models," says Reuben Munger, Managing Partner at Vision Ridge. "Scoot has developed very successfully since we invested two years ago. Mahindra becoming a major stakeholder is testament to Scoot's benefits for commuters, the environment, and the future livability of major cities around the world."
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."
Zhooben Bhiwandiwala, Managing Partner, Mahindra Partners, said: "Mahindra's business practices emphasize our sustainable corporate philosophy. Scoot's service is both consumer friendly and ecologically sustainable. The problem they are addressing is global in nature and will grow in importance over the next few decades with the continued concentration of populations within dense urban centers."
Scoot Networks will use the new capital to continue the expansion of their San Francisco service and prepare to enter new markets in 2017.