- India’s Zoomcar sealed a merger with a blank-check firm for a Nasdaq listing by year-end.
- CEO Greg Moran said public markets will help fund new mobility offerings across India and Indonesia.
- With 25,000 vehicles and 3 million users, Zoomcar now revs its engine to scale sustainable transport innovation for US investors.
Zoomcar’s merger
India-based car rental platform Zoomcar has finalized its merger with blank-check firm Innovative International Acquisition Corp (IOAC), paving the way for a Nasdaq listing by year’s end.
The combined entity Zoomcar Holdings will trade under the ticker “ZCAR” for common stock and “ZCARW” for publicly traded warrants after the SPAC accord.
CEO Greg Moran said the public market access will help Zoomcar pursue new mobility and subscription offerings across its existing markets like India and Indonesia.
The 2013-founded startup boasts over 3 million active users and 25,000 vehicles available for short-term bookings through its platform.
IOAC chairman and CEO Mohan Ananda, who helms the special purpose acquisition company, has been nominated to Zoomcar Holdings’ board.
Zoomcar’s SPAC journey
Ananda’s guidance could prove valuable as the transportation disruptor charts expansion into additional developing world cities in the years ahead.
So through the blank-check deal, Zoomcar revs its engine to scale sustainable urban transport innovation for US investor consumption.
