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Indian car-sharing platform Zoomcar goes public via SPAC deal

Zoomcar Inc., an India-based car-sharing platform, has reached an agreement to go public through a merger.

Zoomcar Inc., an India-based car-sharing platform, has agreed to merge with Innovative International Acquisition Corp., a blank check company.

Zoomcar operates a private vehicle marketplace, where owners make their cars available on the platform and users can rent them by the hour, day, week or month. Headquartered in Bangalore, the company operates in more than 50 cities in India, Indonesia, Vietnam and Egypt.

The merger with the special-purpose acquisition company implies a pro forma enterprise value of about $456 million for the company, the people said, asking not to be identified because the matter is not public.

Representatives from Zoomcar and Innovative International declined to comment.

Zoomcar was founded in 2013 by Greg Moran, who is now CEO, and David Back, who is no longer with the company. The platform has over 3 million active users, with over 25,000 vehicles registered by their owners. The company, which does not own any of the vehicles rented through its platform, accounts for 40% of every transaction.

The company is part of a small but rapidly growing cadre of companies such as San Francisco-based Turo Inc., which has extended the ride-sharing model to the vehicle itself.

Last November, Zoomcar received $92 million in a Series E round led by SternAegis Ventures, bringing the total to $332 million, according to data provider PitchBook. Sequoia Capital India is an investor and board member. Waze co-founder Uri Levine is chairman of the board.

Innovative International, which is led by Chairman and Chief Executive Officer Mohan Ananda, raised $230 million last year, including so-called greenshoe shares in its IPO, according to a statement at the time.

Shares of the merged company, Zoomcar Holdings Inc. are expected to trade on the Nasdaq.

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