Socar gets W60 billion investment from IMM

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Socar gets W60 billion investment from IMM

Socar, Korea’s leading car sharing platform operator, attracted 60 billion won ($57 million) in investment from local private equity firm IMM Private Equity, the company said Tuesday.

Socar plans to use the fund to expand its business infrastructure and ramp up research in autonomous driving technology. Unlike ride-hailing services, Socar offers short-term car rentals on demand.

The major business infrastructure that the start-up invests in is cars and Socar zones, designated parking lot for its rental vehicles.

Investment in autonomous driving is quite a recent move. The start-up is aiming to become more than just a car rental platform by securing future technologies on mobility, the company said.

By Kim Jee-hee
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