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According to people familiar with the matter, India-based car-sharing platform Zoomcar Inc has struck a deal to go public through a merger with blank-check company Innovation International Acquisition Corporation.
Zoomcar operates a marketplace for private cars where owners offer cars on the platform, and users can rent cars 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, people familiar with the matter said.
Zoomcar was founded in 2013 by current CEO Greg Moran and David Back, who has left the company. The platform has more than 3 million active users, and car owners have registered more than 25,000 vehicles. The company owns no vehicles leased through its platform, accounting for 40% of each transaction.
The company is part of a small group of startups, including San Francisco-based Turo Inc, that have extended the ride-sharing model to the cars themselves. In November, Zoomcar raised $92 million in a Series E round led by SternAegis Ventures, bringing its total raised to $332 million, according to data provider PitchBook. Sequoia Capital India is an investor and board member. Waze co-founder Uri Levine is the chairman of the board.
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Innovation International, led by Chairman and CEO Mohan Ananda, raised $230 million last year in an initial public offering that included so-called greenshoe shares, according to a statement at the time. Shares of the combined company will be called Zoomcar Holdings Inc and are expected to trade on the Nasdaq.
