Get All Access for $5/mo

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 S Shanthi

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Handout

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.

S Shanthi

Former Senior Assistant Editor

Shanthi specializes in writing sector-specific trends, interviews and startup profiles. She has worked as a feature writer for over a decade in several print and digital media companies. 

 

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

News and Trends

Talent, Digital Infra, Policy, and Startups Driving India's GCC Ecosystem

By leveraging its demographic dividend and evolving policies, India is uniquely positioned to become the preferred choice for global enterprises seeking scalability, resilience, and a future-ready operational base.

Leadership

How to Master the Art of Delegation — Lessons From Andrew Carnegie's Legacy

Here's what Andrew Carnegie can teach today's entrepreneurs about leadership, teamwork and effective delegation.

News and Trends

Indian Venture Ecosystem Poised for Global Ascent: Recovery, IPO Resurgence, and 'Building for Bharat' to Define 2025

India's GDP is poised to scale from USD 4 trillion to USD 8 trillion over the next decade and will offer a playground that is remarkable for both founders and venture capital (VC) firms, said Pranav Pai, Founding Partner and CIO at 3one4 Capital.

News and Trends

Key Cybersecurity Trends to Track as Threats Evolve

India has lost INR 11,333 crore to cyber fraud in just the first nine months of 2024. Nevertheless, with increasing cyber threats and public awareness, companies are taking proactive steps to safeguard their networks and devices

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.