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Zoomcar, car sharing platform, and Innovative International Acquisition Corp, a publicly traded special purpose acquisition company, said 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 $456 million. Proceeds to Zoomcar from the proposed tansaction are expected to consist of funds retained by Innovative, after shareholder redemptions, and transaction financing. Upon closing, the Combined Company will be renamed Zoomcar Holdings, Inc. and expects to list its common stock on Nasdaq.

Zoomcar expects to use proceeds from the proposed transaction with Innovative to accelerate technology development and new market entry while also continuing to invest in growth across existing markets.

“Zoomcar’s car-sharing marketplace is positioned to cut across emerging markets, and we expect to target future expansion opportunities in markets which include SE Asia, Latin America, MENA, and Sub-Saharan Africa,” said Zoomcar Co-Founder and CEO Greg Moran. “We see a vast addressable market, totaling approximately $90 billion annually by 2025, due to current average private car ownership levels of less than 10% across, combined with an underutilized vehicle base of nearly 200 million cars in our core markets.”

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“With our deep experience in operations & technology, we see Zoomcar’s advanced platform addressing and solving the industry’s most pressing needs in today’s challenging urban and emerging markets. Zoomcar’s track record and success to date sets Zoomcar apart from competitors and positions it for accelerated growth at a time when vehicle usage demand is growing and car ownership remains very low,” said Dr. Mohan Ananda, Chairman & CEO of Innovative

Founded in 2013, Zoomcar connects host vehicle owners with guests who choose from a selection of otherwise idle cars to use for personal, business and travel needs.

With operations across India, Indonesia, Vietnam, and Egypt, Zoomcar is transforming the urban mobility landscape with the introduction of affordable, sustainable and convenient transportation solutions. Zoomcar currently operates across more than 50 cities globally and plans to continue building smart, convenient, and sustainable transport solutions for emerging market consumers.

The company has over 3 million active users and over 25,000 vehicles registered for use on its global car sharing marketplace, a milestone achieved within just 12 months of launching its car-sharing platform.