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Car rental co Zoomcar considering listing in US via SPAC

Inc42  

Self-drive car rental startup Zoomcar is considering a listing in the US by floating a new special purpose acquisition company (SPAC) within the next 12 months. The car rental firm is looking to expand into Indonesia, the Philippines, Vietnam, Egypt and Saudi Arabia. Founded in 2012 by David Back and Greg Moran, Bengaluru-based Zoomcar has, to date, raised more than USD 270 million across multiple rounds. The company's last reported funding round was on February 8, 2021, a venture round where it raised USD 39.8 million. In January 2021, the company had raised USD 30 million for its Series D round from Sony Innovation Fund. The company expects to generate over USD 100 million in revenue this fiscal year through March.