With the Nasdaq listing, Zoomcar plans to raise $235 Mn that will largely be deployed to scale operations and to shore up its tech vertical.
Barely a week after Zoomcar inked a merger deal with Innovative International for Nasdaq IPO, the latter’s affiliate, Ananda Trust, has now invested $10 Mn in the car rental platform. Once the merger is completed, a new agreement will be executed under which Ananda will subscribe to 1 Mn newly issued shares of the consolidated entity at a purchase price of $10 per share.
The amount will be invested in exchange for a convertible promissory note issued by Zoomcar to Ananda Trust. Besides, the transaction will also be subject to other customary closing conditions including registration rights. In the event the deal falls through, the subscription agreement will automatically stand terminated.
The investment comes barely a week after Zoomcar unveiled its plans to go public on the Nasdaq via a SPAC listing. It has inked a definitive agreement for a merger with SPAC vehicle, Innovative International, to become a publicly listed firm. The merger will value the combined company at an ‘implied pro forma enterprise value’ of $456 Mn.
With the Nasdaq listing, Zoomcar plans to raise $235 Mn that will largely be deployed to scale operations and to shore up its tech vertical. Post the merger, Zoomcar shareholders will continue to retain a majority of the outstanding shares of the platform.
