Shadine Taufik · · 1 min readZoomcar bags $10m in pre-IPO blank-check financing
IPO-bound Zoomcar has announced a US$10 million financing in connection with a SPAC merger with Innovative International Acquisition Corp, a US-based blank-check firm.
Photo credit: Zoomcar
Ananda Small Business Trust has invested the amount in the Indian car-sharing platform for a convertible promissory note. The trust is an affiliate of Innovative International Sponsor I.
Earlier this week, Zoomcar announced that it was merging with Innovative to list on Nasdaq. This valued Zoomcar at pro forma enterprise value of around US$456 million.
Founded in 2013 by Greg Moran and David Back, Zoomcar has over 3 million active users and operates in over 50 cities in India, Indonesia, Vietnam, and Egypt. The firm manages over 25,000 cars on its platform, promoting sustainable transportation.
Car ownership in Zoomcar’s core markets averages less than 10%, marking a US$90 billion addressable market opportunity in emerging market geographies by 2025.
See also: Inside Carsome’s and Carro’s all-out war in Malaysia
Editing by Samreen Ahmad and Eileen C. Ang
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