Zoomcar Inc., an India-based car-sharing platform, has reached an settlement to go public through a merger with blank-check agency Modern Worldwide Acquisition Corp., in keeping with individuals aware of the matter.
Zoomcar operates a market for personal automobiles, with house owners making their automobiles obtainable on the platform and customers in a position to lease them by the hour, day, week or month. The corporate, whose headquarters are in Bangalore, operates in additional than 50 cities in India, Indonesia, Vietnam and Egypt.
The merger with the particular function acquisition firm implies a professional forma enterprise worth of about $456 million for the enterprise, stated the individuals, who requested to not be recognized as a result of the matter isn’t public.
Representatives for Zoomcar and Modern Worldwide declined to remark.
Zoomcar was based in 2013 by Greg Moran, who’s now chief govt officer, and David Again, who’s not with the corporate. The platform has greater than 3 million energetic customers, with over 25,000 automobiles registered by their house owners. The corporate, which doesn’t personal any of the automobiles rented by way of its platform, takes 40% of every transaction.
The corporate is a part of a small however burgeoning cadre of firms comparable to San Francisco-based Turo Inc. which have prolonged the ride-sharing mannequin to the automobile itself.
Final November, Zoomcar acquired $92 million in a Collection E spherical led by SternAegis Ventures, bringing the full it has raised to $332 million, in keeping with knowledge supplier PitchBook. Sequoia Capital India is an investor and board member. Waze co-founder Uri Levine is chairman of the board.
Modern Worldwide, which is led by Chairman and Chief Government Officer Mohan Ananda, raised $230 million together with so-called greenshoe shares in its preliminary public providing final yr, in keeping with an announcement on the time.
Shares of the merged firm, to be referred to as Zoomcar Holdings Inc., are anticipated to commerce on the Nasdaq.