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Zoomcar to Go Public Via SPAC

Updated: Oct 21, 2022

Car-sharing platform Zoomcar to go public via SPAC deal in the USA.

Zoomcar to Go Public Via SPAC

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.


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