Car sharing company Zoomcar made its public market debut following its merger with blank check company Innovative International Acquisition Corp.
The combined company, now called Zoomcar Holdings, began trading on Nasdaq on December 29 under the ticker ZCAR.
Zoomcar, which was founded in 2014, announced its intention to go public via special purpose acquisition company in October. The transaction value of the combined company was said to be $456 million at the time.
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Greg Moran, co-founder and CEO of Zoomcar, said, “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-to-peer car sharing platform.”
Mohan Ananda, chairman and CEO of Innovative International Acquisition Corp., who 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.”