Zoomcar goes public, announces merger with IOAC & Nasdaq listing, ET TravelWorld

<p>Greg Moran, CEO & Co-Founder Zoomcar.</p> — Greg Moran, CEO & Co-Founder Zoomcar.

Zoomcar, the world’s largest emerging market-focused car-sharing platform, has successfully concluded its merger with Innovative International Acquisition Corporation (IOAC), formerly a Cayman Islands registered blank-check special purpose acquisition company. The combined entity, now named Zoomcar Holdings, Inc., is set to commence trading on NASDAQ under the ticker symbol “ZCAR” for common stock and “ZCARW” for publicly traded warrants on December 29, 2023.

The merger, consummated on December 28, 2023, marks a significant milestone for Zoomcar, positioning it as a key player in the emerging market peer-to-peer car-sharing segment, with operations spanning India, Indonesia, and Egypt.

Greg Moran, CEO and Co-Founder of Zoomcar, expressed his excitement about this crucial juncture in the company’s nearly decade-long journey. He stated, “This marks the beginning of an important new phase in our company’s growth as we embark on reaching new heights for our emerging market-focused peer-to-peer car-sharing platform. We thank the IOAC team for partnering with us in these efforts.”

Mohan Ananda, Chairman and CEO of IOAC, approved as a nominee to the board of directors of Zoomcar Holdings, shared his joy regarding the successful conclusion of the business combination. He emphasised Zoomcar’s potential to establish a global community of car owners and renters, making a transformative impact on traditional industries. Ananda added, “Our collaborative efforts aim to challenge norms, create opportunities for active participation in the sharing economy, and redefine the future of mobility on a global scale.”

Following the merger, IOAC has been rebranded as Zoomcar Holdings, Inc. The company will continue to operate under the leadership of Greg Moran and the Zoomcar management team. Shares of Zoomcar common stock are expected to commence trading under the symbol ZCAR on the Nasdaq Global Market platform on or about December 29, 2023, with publicly traded warrants listed on the Nasdaq Capital Market platform around the same date.

IntrCity SmartBus gets huge revenue boost in 2023, ambitious targets set for next year

In terms of operational scale, Raizada reported, “The IntrCity SmartBus network now reaches 2.5 lakh seats per month with over 100 million passenger-seat-kilometers. The brand is now the market leader across several routes in both North and South India, commanding a 15-20 per cent market share in a traditionally highly fragmented industry.”