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India-Based Car-Sharing Platform Zoomcar Goes Public

Zoomcar, an Indian peer-to-peer carsharing platform that targets emerging markets, has gone public.

India-Based Car-Sharing Platform Zoomcar Goes Public

The mentioned company has completed a business combination with the Cayman Islands-registered special-purpose acquisition firm Innovative International Acquisition Corp. (IOAC). The relevant information is contained in the press release of the Indian platform, published at the end of the week.

The combined company Zoomcar Holdings began trading on the Nasdaq on Friday, December 29, under the ticker symbol ZCAR.

Zoomcar CEO and co-founder Greg Moran said that for the company, the start of trading is an exciting milestone on its decade-long journey. According to him, this is the beginning of a new important stage in the development of the firm. He noted that the company is reaching new heights for an emerging market-oriented peer-to-peer carsharing platform.

Zoomcar currently operates in India, Indonesia, and Egypt. The press release notes that Zoomcar Holdings will continue to operate under the leadership of the management team headed by Mr. Moran. Mohan Ananda, Chairman and CEO of IOAC, was approved by the shareholders of this firm as a candidate for the board of directors of the new company.

Zoomcar is the first personal mobility platform in India. The company started operating in 2013. In November 2021, the firm raised $92 million after selling shares or bonds to pre-selected investors and institutions. At that time, the company announced its intention to use this capital to expand its operations in India and selected markets in North Africa, the Middle East, and Asia.

As we have reported earlier, Reality Tempers Outlook for Arm’s Public Listing.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.