India-based carsharing service Zoomcar announced a $10 million financial investment on Oct. 19 as it merges with Innovative International Acquisition Corp. The merger agreement will result in Zoomcar becoming a publicly listed company.
The transaction values the combined company at an implied pro forma enterprise value of approximately $456 million. Upon closing, the combined company will be renamed Zoomcar Holdings, Inc. and expects to list its common stock on Nasdaq.
In addition, Ananda Small Business Trust invested an aggregate of $10 million in Zoomcar in exchange for a convertible promissory note issued by Zoomcar to Ananda Trust.
The company was founded in 2013 and previously offered carsharing via doorstep delivery of its own cars, but switched to an exclusively p2p model in 2017. Just last month, it announced achieving 25,000 registered vehicles on its marketplace.