Ourcrowd portfolio company Zoomcar, the world’s largest emerging-market focused car-sharing platform, and Innovative International Acquisition Corp. (NASDAQ: IOAC), a publicly traded special purpose acquisition company, announced that they have entered into a definitive merger agreement that will result in Zoomcar becoming a publicly listed company.
The transaction values the combined company at an implied pro forma enterprise value of approximately $456M.
Upon closing, the company will be renamed Zoomcar Holdings, Inc. and expects to list its common stock on Nasdaq.
In addition, and simultaneously with the execution of the merger agreement, Ananda Trust, an affiliate of Innovative International, has invested $10M in Zoomcar.
About Zoomcar
Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is the leading marketplace for car sharing across India, Southeast Asia and the MENA region, with over 25,000 cars currently available to guests using its platform.
Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is the leading marketplace for car sharing across India, Southeast Asia and the MENA region, with over 25,000 cars currently available to guests using its platform.
The Zoomcar community connects vehicle owners with guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in growing markets.
Uri Levine, the co-founder of mobility unicorns Waze and Moovit, currently serves as Chairman of Zoomcar’s Board of Directors.
About Innovative International Acquisition Corp.
Innovative is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
Innovative’s management, comprises of Dr. Mohan Ananda, Madan Menon and Elaine Price, along with a board of directors that builds on its ability, experience and network with cross border transactions and strategic growth, sought to partner with a technology company that had a global footprint with a focused global growth strategy.
Innovative conducted a successful IPO in October of 2021, in which it raised $235 million. Innovative’ s investment thesis was to find a company which had a history of positive growth, a clear path to profitability, a strong defensible market position coupled with a culture of inclusion, diversity, and environmental responsibility.
Innovative sought advice from several leading firms to assist with a thorough diligence process prior to entering into the Merger Agreement.
Contacts
Zoomcar
Investors:
Michael Bowen
zoomcarIR@icrinc.com
Media:
Surabi Shetty
surabi.shetty@zoomcar.com
Brad Burgess
zoomcarpr@icrinc.com
Innovative International Acquisition Corp.
Dr. Mohan Ananda, Chairman &CEO
mohan@innovativeacquisitioncorp.com
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