The merged firm will be titled Zoomcar Holdings, Inc when the transaction is completed, and it plans to float its common stock on the Nasdaq. Zoomcar, which was founded in 2013, now operates in over 50 locations worldwide.
Zoomcar said on Friday that it has entered into a merger agreement with Innovative International Acquisition Corp and would become a publicly traded corporation on the Nasdaq. The merged firm is worth around USD 456 million as a result of the deal.
The merged firm will be titled Zoomcar Holdings, Inc when the transaction is completed, and it plans to float its common stock on the Nasdaq. Zoomcar, which was founded in 2013, now operates in over 50 locations worldwide. Its global car-sharing marketplace has over 3 million active members and over 25,000 automobiles registered for use.
“Zoomcar’s car-sharing marketplace is positioned to cut across emerging markets, and we expect to target future expansion opportunities in markets, which include SE Asia, Latin America, MENA, and Sub-Saharan Africa,” Zoomcar Co-Founder and CEO Greg Moran said in a statement.
The entity sees a vast addressable market, totaling around USD 90 billion annually by 2025, he added.
Innovative International Acquisition Corp Chairman and CEO Mohan Ananda said, “With our deep experience in operations & technology, we see Zoomcar’s advanced platform addressing and solving the industry’s most pressing needs in today’s challenging urban and emerging markets”.
Innovative is a Cayman Islands-exempted company formed to undertake a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more enterprises.
