Deals
Indian Car-Sharing Platform Zoomcar to Go Public Via SPAC
- Combined company is valued in transaction at $456 million
- Innovative International SPAC raised $235 million in US IPO
Photographer: Pradeep Gaur/Mint/Getty Images
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Zoomcar Inc., an India-based car-sharing platform, has reached an agreement to go public via a merger with blank-check firm Innovative International Acquisition Corp.
Zoomcar operates a marketplace for private vehicles, with owners making their cars available on the platform and users able to rent them by the hour, day, week or month. The company, whose headquarters are in Bangalore, operates in more than 50 cities in India, Indonesia, Vietnam and Egypt.