Bengaluru-based Zoomcar terminates Greg Moran as CEO amid concerns over revenue projections

Zoomcar co-founder Greg Moran has been terminated as CEO after a 12-year tenure, the Bengaluru-based car rental company announced in a regulatory filing. The board has appointed Hiroshi Nishijima, the company’s Chief Operating Officer, as the interim chief executive officer. 

“On June 20, 2024, Greg Moran, the company’s chief executive officer, was terminated from his role. Pursuant to Moran’s employment agreement, Moran is required to resign from the Board of Directors of the company as a result of such termination,” the company disclosed in a filing to SEC on June 21. 

In a post on LinkedIn, Moran wrote, “This week marked the end of a decade plus long journey at the helm building Zoomcar. I couldn’t be more proud of what we've built in India and beyond as we introduced the power of car sharing to millions of new consumers across countless cities. Special shoutout to the entire Zoomcar team and our loyal customers for the continuous support along the way.” 

“I’m very excited to see what’s next as the company embarks on its next chapter of growth. Looking forward to a bit of down time and then jumping back in for the next exciting, needle-moving opportunity!” Moran added. 

Meanwhile, SEC filings on February 5 showed that the regulator sought clarity on the firm's revenue projections. 

“We note that the projected revenues for 2023 were $21.6 million, as set forth in the analysis of financial advisors and in connection with the evaluation of the business combination. We also note that your actual revenues for the year ended March 31, 2023 were $8.8 million. It appears that you will miss your 2023 revenue projection,” the filings said. 

Zoomcar was founded in 2013 by Greg Moran and David Back. The Bengaluru-headquartered company provides car rental services, where customers can rent vehicles on an hourly, daily, weekly, or monthly basis. Zoomcar has attracted investments from Peak XV, Ford Smart Mobility, Nexus Venture Partners, Mahindra & Mahindra and other Angel Investors.