Zoomcar receives $10 mn from Innovative International sponsor | Mint
Active Stocks
Mon Feb 26 2024 15:59:59
  1. Tata Steel share price
  2. 142.60 -1.99%
  1. Power Grid Corporation Of India share price
  2. 287.75 1.97%
  1. HDFC Bank share price
  2. 1,422.25 0.10%
  1. ITC share price
  2. 409.20 -0.58%
  1. State Bank Of India share price
  2. 759.00 -0.05%
Business News/ Companies / News/  Zoomcar receives $10 mn from Innovative International sponsor
BackBack

Zoomcar receives $10 mn from Innovative International sponsor

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.

Zoomcar presently has over 25,000 vehicles available to users of its platform.. Photo: Mint.Premium
Zoomcar presently has over 25,000 vehicles available to users of its platform.. Photo: Mint.

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.

 

.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Alisha Sachdev
Alisha Sachdev is an assistant editor with Mint based in Delhi. She reports on the auto and mobility sector, with a special focus on emerging clean mobility technologies. She also focusses on developing multimedia properties for Mint and currently hosts the 'In A Minute' series and the Mint Primer podcast. Previously, she has worked with CNBC-TV18 and NDTV.
Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 20 Oct 2022, 06:08 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App