India's Zoomcar To Reportedly Go Public Via $456M SPAC Merger: What You Need To Know
India-based car-sharing platform Zoomcar Inc. is likely to go public through a merger with blank-check company Innovative International Acquisition Corp. (NASDAQ:IOAC) reported Bloomberg, citing sources.
The merger implies a Pro-forma enterprise value of close to $456 million for the business, the report added. Shares of the merged company, to be named as Zoomcar Holdings Inc., are likely to trade on the Nasdaq, it said.
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Zoomcar was founded in 2013 by Greg Moran, who is now the CEO, and David Back, who is no longer with the company. It runs a marketplace for private vehicles where owners can make their cars available on the platform and users will be able to rent them by the hour, day, week or month. The company is based in Bangalore and it operates in more than 50 cities in India, Indonesia, Vietnam and Egypt.
Other major players include DiDi Global Inc (OTC:DIDIY), Uber Technologies Inc (NYSE:UBER) and LYFT Inc (NASDAQ:LYFT). Shares of Uber and Lyft plunged on Tuesday after the Biden administration released a proposal that could change the way it approaches workers’ employment status, according to a Bloomberg report.
The move could impact the ride-hailing companies’ business models that rely on millions of gig workers, it said. The proposal intends to clarify when restaurant workers, delivery couriers, ride-hailing drivers and other gig workers should be classified as employees, or independent contractors in business for themselves, the report said.
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