Car sharing platform Zoomcar on Friday said it has inked a merger agreement with Innovative International Acquisition Corp and subsequently become a publicly listed entity on Nasdaq.
The transaction values the combined company at about $456 million.
Upon closing of the transaction, the combined entity will be renamed Zoomcar Holdings Inc, and expects to list its common stock on Nasdaq.
Founded in 2013, Zoomcar currently operates across more than 50 cities globally.
It has more than 3 million active users and 25,000 vehicles registered for use on its global car-sharing marketplace.
“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,” Zoomcar co-founder and CEO Greg Moran said in a statement.
The entity sees a vast addressable market, totalling about $90 billion annually by 2025, he added.
Innovative International Acquisition Corp Chairman and CEO Mohan Ananda said, “With our deep experience in operations and technology, we see Zoomcar’s advanced platform addressing and solving the industry’s most pressing needs in today’s challenging urban and emerging markets.”
Innovative is a blank check company incorporated as a Cayman Islands-exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with one or more businesses.