Zoomcar, the car-sharing platform, and Innovative International Acquisition Corp. ("Innovative") (NASDAQ: IOAC), a publicly traded special purpose acquisition company, announce that they have entered into a definitive merger agreement (the “Merger Agreement”) that will result in Zoomcar becoming a publicly listed company.

The Proposed Transaction between Innovative and Zoomcar is structured as a merger of an Innovative subsidiary and Zoomcar and concurrent issuance of securities by Innovative to Zoomcar security holders.  Upon consummation of the merger, the publicly listed Combined Company is expected to be renamed “Zoomcar Holdings, Inc.”. The Proposed Transaction values Zoomcar at an implied pro forma enterprise value of approximately $456 million. 

“With our deep experience in operations & technology, we see Zoomcar’s advanced platform addressing and solving the industry’s most pressing needs in today’s challenging urban and emerging markets. Zoomcar’s track record and success to date set Zoomcar apart from competitors and positions it for accelerated growth at a time when vehicle usage demand is growing and car ownership remains very low.” Said Mohan Ananda, Chairman and CEO of Innovative.

“Zoomcar aims to fundamentally transform the urban mobility landscape across emerging markets through the introduction of a highly scalable marketplace focused car sharing platform,” said Zoomcar Co-Founder and CEO Greg Moran. 

Zoomcar has grown steadily since its launch, with a rapid pace of adoption that has built its presence in four countries and more than 50 cities.  Zoomcar’s first mover advantage across markets provides a strong brand awareness that forms the backbone of its product-driven, organic growth strategy for future business buildout.

It has over 3 million active users and over 25,000 vehicles registered for use on its global car-sharing marketplace. Its unique technology platform facilitates car sharing at scale. Owners of personal, private or non-transport vehicles (hosts) can list their vehicles on the platform, and eligible users (“guests”) can book them for personal use.