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The net profit of Zoomcar tumbled 54% for the financial year ended March 31, 2022, despite a growth of over 100% in total income. 

The car sharing marketplace clocked a net profit of Rs 74 crore for FY2021-22, down from Rs 160 crore in the previous year. Its total income grew to Rs 230 crore, from Rs 113 crore in FY2020-21, according to the company’s RoC filing. 

The company’s employee expense increased to Rs 119 crore in FY22, from Rs 75 crore in FY21, the filing said. Of the total indebtedness of Rs 370 crore, including interest, the company paid Rs 214 crore in FY22, and Rs 156 crore is still pending.

The Bengaluru-headquartered company allows car owners to host their cars on its technology-driven platform and earn additional passive income. Founded in 2013, Zoomcar operates in 50 cities across India, Indonesia, Vietnam, and Egypt and employs over 300 people. 

Currently, 90% of Zoomcar’s business comes from India. The company says it has processed over 7 million transactions in the country since inception. It claims to have over 20,000 cars on its platform across India, Southeast Asia, and Egypt.

Uri Levine, the co-founder of mobility unicorns Waze and Moovit, currently serves as the chairman of Zoomcar’s board of directors. Earlier this year, the company announced the appointment of Ashu Singhal as its chief technology and product officer. 

Recently, the company announced a tie-up with homegrown electric vehicle (EV) charging network startup Statiq to accelerate EV-based travel in the country. This agreement enables EV owners to host their vehicles on Zoomcar and earn additional income. 

Zoomcar is seeking a public listing via a merger with special purpose acquisition company Innovative International Acquisition Corp.

The directors of Zoomcar and Innovative have given the go-ahead for the business merger, which is expected to be completed in the first half of 2023. The transaction values the combined company, which will be renamed Zoomcar Holdings, at $456 million.

Zoomcar raised $40 million in early 2018 and $92 million in November 2021.