Updated: Oct 21, 2022
Car-sharing platform Zoomcar to go public via SPAC deal in the USA.
Why it is in the news: Zoomcar Inc, an India-based car-sharing platform, has reached an agreement to go public via a merger with blank-check firm Innovative International Acquisition Corp., according to people familiar with the matter.
Combined company is valued in transaction at $456 million
Innovative International SPAC raised $235 million in US IPO
Last year: Last November, Zoomcar got $92 million in a Series E round led by SternAegis Ventures, bringing the total it has raised to $332 million, according to data provider PitchBook.
Sequoia Capital India is an investor and board member.
Backdrop: Zoomcar operates a marketplace for private vehicles, with owners making their cars available on the platform and users able to rent them by the hour, day, week or month.
Zoomcar was founded in 2013 by Greg Moran, who is now chief executive officer, and David Back, who is no longer with the company.
The platform has more than 3 million active users, with over 25,000 vehicles registered by their owners.
The company, which doesn’t own any of the vehicles rented through its platform, takes 40% of each transaction.
What next: Shares of the merged company, to be called Zoomcar Holdings Inc., are expected to trade on the Nasdaq.