Former United States treasury secretary Larry Summers will join the board of Advisers at Zoom, a Bangalore based car rental service which is hoping to raise an additional $400,000 to expand its services across the country.
David Back, one of the co-founders of the membership based car rental company, was a teaching assistant to Larry Summers at Harvard University, where the economist was the president from 2001 to 2006.
Summers, who served as the treasury secretary of the United States during the Clinton regime, will invest about $30,000 in the form of warrants into the company, reports VC Circle. “We are looking to raise an additional $400,000 in funds over the next 6-8 weeks,” Greg Moran, the other co-founder of Zoom told NextBigWhat.
So far, the self drive car company Zoom has raised $325,000. Marquee investors who participated in the round in January include the Empire Angel Group based out of New York and Barbara Thomas, Lady Judge of UK.
Zoom went live in February with a seven car fleet and now has 19 rental vehicles. The startup wants to organize the fragmented Indian car rental market with a hyper local distribution model. The idea is to improve access to self drive vehicles.