Zoomcar

While Indian peers like Cars24 and Zoomcar have left the region, CarDekho SEA recorded over US$40 million in revenue in 2024.

Mohan Ananda, CEO of blank-check firm Innovative International Acquisition Corp., will be the first board chairman of the joint entity.

The combined company will be renamed Zoomcar Holdings and will trade on the Nasdaq under “ZCAR.”

The firm will stop accepting rides from May 24 and will pay weekly payments and bonuses to car owner partners until June 30.

During his tenure at Grab, Ashu Singhal helped in growing its marketplace from 800,000 to over 10 million daily bookings.

In On the Rise this week, we look at the key people behind Traveloka’s journey, analyze Zoomcar’s public listing plans, and get CCV’s plans for 2023.

We chart Zoomcar’s decade-long journey toward the public markets and analyze the upcoming IPO for Mamaearth parent firm Honasa Consumer.

This week, On the Rise explores what’s holding back Vietnam’s agritech, Neuron Mobility’s revenue growth, and the accelerator boom in Southeast Asia.

The financing came from Ananda Small Business Trust, an affiliate of the blank-check firm.

The Indian firm’s blank-check merger with US-based Innovative International Acquisition Corp. is expected to be completed in the first half of 2023.