India-Based Car-Sharing Platform Zoomcar Completes Business Combination, Goes Public

Zoomcar, an India-based peer-to-peer car-sharing platform focused on emerging markets, has gone public.

The firm completed a previously announced business combination with Cayman Island-registered special purpose acquisition company (SPAC) Innovative International Acquisition Corp. (IOAC) Thursday (Dec. 28), the companies said in a Thursday press release.

The combined company, Zoomcar Holdings, began trading on Nasdaq Friday (Dec. 29) under the ticker symbol ZCAR.

“We’re thrilled to announce this exciting milestone in Zoomcar’s nearly decade-long company journey,” Zoomcar CEO and Co-founder Greg Moran said in the release. “This marks the beginning of an important new phase in our company’s growth as we embark on reaching new heights for our emerging market-focused peer-to-peer car-sharing platform.”

Zoomcar operates in India, Indonesia and Egypt, according to the release.

The companies entered into a definitive merger agreement Oct. 13, 2022, and IOAC became a Delaware corporation before closing, the release said. IOAC’s shareholders approved the business combination Dec. 19. Zoomcar stockholders also approved the deal.

Zoomcar Holdings will continue to operate under the Zoomcar management team, led by Moran, per the release. Mohan Ananda, chairman and CEO of IOAC, has been approved by IOAC shareholders as a nominee to the board of directors of Zoomcar Holdings and is expected to serve as its first chairman.

“With Zoomcar’s exceptional management team, we are poised to make a transformative impact on traditional industries,” Ananda said in the release. “Our collaborative efforts aim to challenge norms, create opportunities for active participation in the sharing economy, and redefine the future of mobility on a global scale.”

Zoomcar was India’s first personal mobility platform when it launched in 2013, PYMNTS reported. In November 2021, the firm raised $92 million in a sale of shares or bonds to pre-selected investors and institutions and said it would use that capital to expand across India and into select markets in Asia, the Middle East and North Africa.

In another recent development in the car-sharing space, Getaround acquired HyreCar in May, saying the transaction unites two pioneering car-sharing companies and strengthens the business.