Zoomcar merges with Innovative International Acquisition Corporation

New Delhi: Car sharing marketplace Zoomcar and special purpose acquisition company Innovative International Acquisition Corporation (IOAC) completed their merger on Friday.

The merged entity has been renamed Zoomcar Holdings Inc, and is expected to begin trading on NASDAQ on Friday, Zoomcar said in a statement.

Zoomcar and IOAC had entered into a definitive merger agreement on October 13, 2022.

"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 'peer2peer' car sharing platform," Zoomcar CEO and Co-Founder Greg Moran said.

IOAC Chairman and CEO Mohan Ananda has 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 Zoomcar Holdings board, the statement added.

"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," Ananda said.