Sequoia invests $ 7 mn in Carzonrent

BANGALORE: Sequoia Capital India, a leading venture capital and growth equity investor, announced an investment of $ 7 mn in Carzonrent India Private Limited, the exclusive long-term licensee of Hertz in India.

With this investment, Carzonrent, the market leader in the organised car rentals in India through its Hertz branded services, aims to expand its services to new cities, strengthen its existing offerings as well as enter into related businesses, a Sequoia Capital release said.

Sandeep Singhal, managing director, Sequoia Capital India, will be joining the board of Carzonrent India.