Zoomcar Holdings to go public via merger with Innovative International

Zoomcar Inc., an India-based car-sharing platform, has reached an agreement to go public via a merger with blank-check firm Innovative International Acquisition Corp., according to people familiar with the matter.

Zoomcar operates a marketplace for private vehicles, with owners making their cars available on the platform and users able to rent them by the hour, day, week or month. The company, whose headquarters are in Bangalore, operates in more than 50 cities in India, Indonesia, Vietnam and Egypt.

The merger with the special purpose acquisition company implies a pro forma enterprise value of about $456 million for the business, said the people, who asked not to be identified because the matter isn’t public.