Car Rental Startup Zoomcar Lists on NASDAQ Last month, the startup was acquired by a special purpose acquisition company called Innovative International Acquisition Corp

By Entrepreneur Staff

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Car rental startup Zoomcar has listed on NASDAQ. Last month, the startup was acquired by a special purpose acquisition company (SPAC), called Innovative International Acquisition Corp. The new entity, Zoomcar Holdings, Inc started trading under the symbol ZCAR on the Nasdaq Global Market platform on December 29, 2023.

"We are exceptionally happy and thrilled to have completed this long-standing effort to become a public company on Nasdaq. Zoomcar is one of the few home-grown companies that have been able to move in that direction and ultimately list on the US exchange. We thank the IOAC team particularly Mohan Ananda who is the primary sponsor of the SPAC, who is also a larger investor shareholder now in Zoomcar for partnering with us in these efforts. This marks the beginning of an important new phase in our company's growth as we embark on reaching new heights for our emerging market focused peer 2 peer car sharing platform," said Greg Moran, CEO and Co-Founder of Zoomcar.

Mohan Ananda, Chairman and CEO of IOAC, who has also been approved by IOAC shareholders as nominee to the board of directors of Zoomcar Holdings and is expected to serve as the initial Chairman of the Zoomcar Holdings board, said, "As an innovative peer-to-peer car-sharing company, Zoomcar holds immense potential to establish a global community of car owners and renters. With Zoomcar's exceptional management team, we are poised to make a transformative impact on traditional industries. Our collaborative efforts aim to challenge norms, create opportunities for active participation in the sharing economy, and redefine the future of mobility on a global scale."

Founded in 2013 by Greg Moran and David Back and headquartered in Bengaluru, Zoomcar is a marketplace for car sharing focused on emerging markets. The Zoomcar community connects hosts with guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in growing markets.

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