<article>Korean leading car-sharing platform <a href="https://www.dealstreetasia.com/tag/SoCar/">SoCar</a> has received an investment of $57 million from local private equity firm <a href="https://www.dealstreetasia.com/tag/IMM-Private-Equity/">IMM Private Equity</a>, according to a report by Korea Bizwire.</article>

Korean leading car-sharing platform <a href="https://www.dealstreetasia.com/tag/SoCar/">SoCar</a> has received an investment of $57 million from local private equity firm <a href="https://www.dealstreetasia.com/tag/IMM-Private-Equity/">IMM Private Equity</a>, according to a report by Korea Bizwire.
SoCar, which offers its services via a website and mobile app, is the largest car-sharing company in South Korea, boasting approximately 3,200 car rental zones, 8,500 vehicles and 3.6 million registered users.
Its closest competitor, Greencar, has around 2,800 rental locations, 6,000 vehicles and 2.5 million registered users.
SoCar plans to use the fresh funding to expand its business infrastructure and ramp up research in autonomous driving technology.
The startup&#8217;s last publicly known funding was in 2015 when it raised an $18 million round led by Bain Capital. The deal was reported to be one of the biggest for a South Korean startup at that time.
According to the Korea Bizwire report, the company booked 110 billion won in revenue last year, with its year-on-year revenue growth consistently above 50 per cent over the past five years.
SoCar also announced that Lee Jae-woong, chairman of its board and founder of Daum Communications, will return to the company’s top management as CEO.
Earlier this year, SoCar had reportedly identified Malaysia as its first overseas market for expansion with plans to launch 120 rental zones.
The investment by IMM Private Equity comes on the back of PE firm&#8217;s exit from its investment in drugmaker Handok Pharmaceuticals for about $140 million.
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SoCar also announced that Lee Jae-woong, chairman of its board and founder of Daum Communications, will return to the company’s top management as CEO.

Korean car-sharing startup SoCar secures $57m from IMM Private Equity

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Korean car-sharing startup SoCar secures $57m from IMM Private Equity

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