Homegrown car-sharing platform Zoomcar has received $10 million funding from Ananda Small Business Trust, a subsidiary of blank-check firm Innovative International Acquistion's sponsor, Innovative International.
The investment was announced concurrently with the signing of the merger agreement on 13 October in return for a convertible promissory note that Zoomcar issued to Ananda Trust.
The world's largest emerging market-focused car-sharing platform, Zoomcar and Innovative International Acquisition Corp, a publicly traded special purpose acquisition company, have signed a definitive merger agreement that will make Zoomcar a publicly traded company. The indicated pro forma enterprise value of the merged business (the according to the deal is $456 million. The Combined Company will become Zoomcar Holdings, Inc. following the close, and it plans to list its common stock on Nasdaq.
Zoomcar was established in 2013 by Greg Moran, who is now chief executive officer, and David Back. The company has its headquarters in Bengaluru, India. It is the top marketplace for car sharing in India, Southeast Asia, and the MENA area, and it presently has over 25,000 vehicles available to users of its platform.
The Zoomcar community links car owners with users who may choose from a variety of cars for rental at low rates, encouraging environmentally friendly, intelligent transportation options in developing markets. Moovit and Waze co-founder Uri Levine is the chairman of the Zoomcar Board of Directors at the moment.
