Liquidity Events
Car-sharing platform Zoomcar to go public via SPAC at $456-M valuation
Bengaluru-based car-sharing platform Zoomcar is to go public via a merger with blank-check firm Innovative International Acquisition Corp, a special purpose acquisition company. The merger implies a pro-forma enterprise value of about USD 456 million. Post-merger, Zoomcar plans to focus on increasing market share in markets where it operates now. It also plans to expand into Latin America and Africa. Shares of the merged company, to be called Zoomcar Holdings Inc., would be traded on the Nasdaq. Zoomcar operates a marketplace for private vehicles, with owners making their cars available on the platform and users renting them by the hour, day, week or month. The company operates in more than 50 cities in India, Indonesia, Vietnam and Egypt. Innovative International, which is led by Mohan Ananda, raised USD 230 million including the so-called greenshoe shares in its initial public offering last year.
From the Venture Intelligence PE-VC Deal Database: Between Oct-14 and Nov-21, Zoomcar had raised about USD 235 M from SternAegis Ventures, Sequoia Capital India, Sony Innovation Fund, Mahindra Partners, Nokia Growth Partners, Cyber Carrier, Reliance Venture and Aarin Capital. The company had also raised Venture Debt from Innoven Capital, BlackSoil Capital and Trifecta Capital. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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