India's Zoomcar To Go Public Via $456M SPAC Merger: What You Need To Know

India-based car-sharing platform Zoomcar Inc. said on Thursday it would go public through a merger with blank-check company Innovative International Acquisition Corp. IOAC. 

Bloomberg had reported on the development earlier, citing sources. 

Terms: The merger implies a pro-forma enterprise value of about $456 million for the business, Zoomcar said in an emailed statement.

Shares of the merged company, to be named as Zoomcar Holdings Inc., are expected to be listed on the Nasdaq, according to the company.

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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.

"We expect to target future expansion opportunities in markets which include SE Asia, Latin America, MENA, and Sub-Saharan Africa," Moran said in a statement. “We see a vast addressable market, totaling approximately $90 billion annually by 2025."

The competition includes DiDi Global Inc DIDIY, Uber Technologies Inc UBER and LYFT Inc 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.

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