Author Archives: zoomcar

Press Release 

Zoomcar, the World’s Largest Emerging Market Focused Car Sharing Platform, Announces Completion of its Business Combination with Innovative International Acquisition Corporation (IOAC) and Anticipated Nasdaq Listing

• Zoomcar, Inc. and IOAC consummated the merger transaction comprising IOAC’s initial business combination on December 28, 2023
• Combined Company will be named Zoomcar Holdings, Inc. expects to begin trading on NASDAQ under ticker symbol “ZCAR” stock ticker on December 29, 2023
• Zoomcar is a leading emerging market peer2peer car sharing platform with operations across India, Indonesia and Egypt
• Zoomcar and IOAC entered into a definitive merger agreement dated October 13, 2022 (the “Merger Agreement”) 

Bangalore, India and New York, NY, Dec. 28, 2023 —  Innovative International Acquisition Corporation (NASDAQ: IOAC, or “IOAC”), formerly a Cayman Island registered blank-check special purpose acquisition company, and Zoomcar, Inc. (“Zoomcar”), an emerging market focused peer2peer car sharing company, are pleased to announce the closing (“Closing”) of their previously announced merger (the “Business Combination”). Prior to Closing, IOAC transferred by way of continuation out of the Cayman Islands and into the State of Delaware, so as to become a Delaware corporation.

The Combined Company resulting from the merger was, effective at Closing, renamed Zoomcar Holdings, Inc. (“Zoomcar Holdings”) and expects to begin trading on NASDAQ on December 29, 2023 under the ticker symbol “ZCAR” for its common stock and “ZCARW” for its publicly traded warrants

IOAC’s shareholders approved the Business Combination, among other related matters, at an extraordinary general meeting held on December 19, 2023.  The Business Combination, among other related matters, was also approved by Zoomcar stockholders, including certain holders of shares of Zoomcar India Private Limited, a wholly owned Zoomcar subsidiary. 

Greg Moran, CEO and Co-Founder of Zoomcar commented, “We’re thrilled to announce this exciting milestone in Zoomcar’s nearly decade long company journey. 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.  We thank the IOAC team for partnering with us in these efforts.”

Mohan Ananda, Chairman and CEO of IOAC, who has also 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 the Zoomcar Holdings board, expressed his joy regarding the successful conclusion of Innovative’s business combination with Zoomcar, “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. Our collaborative efforts aim to challenge norms, create opportunities for active participation in the sharing economy, and redefine the future of mobility on a global scale.”

With the closing of the merger, IOAC has been renamed Zoomcar Holdings, Inc., and will continue to operate under the Zoomcar management team, led by Greg Moran, Zoomcar, Inc.’s Co-Founder and Chief Executive Officer. Shares of Zoomcar common stock are expected to begin trading under the symbol ZCAR on the Nasdaq Global Market platform on or about December 29, 2023; publicly trading warrants are expected to be listed on the Nasdaq Capital Market platform on or about the same date.

Advisors
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as exclusive financial advisor and exclusive capital markets advisor to Zoomcar; DLA Piper LLP (US) acted as legal advisor to Cohen & Company Capital Markets. Ellenoff Grossman & Schole LLP acted as US legal advisor to Zoomcar. Lincoln International acted as financial advisor to the special committee of the board of directors of Innovative (the “Special Committee”). Morris, Nichols, Arsht & Tunnell LLP acted as legal advisor to the Special Committee. McDermott Will & Emery LLP acted as US legal advisor to Innovative. Weinberg Zareh Malkin Price LLP acted as US legal advisor to Ananda Small Business Trust.

About Zoomcar

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused on emerging markets. The Zoomcar community connects hosts with guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in growing markets. 

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning.

These forward-looking statements and factors that may cause actual results and the timing of events to differ materially from the anticipated results include, but are not limited to: (1) the risk that the Business Combination disrupts current plans and operations of Zoomcar as a result of the announcement and consummation of the Business Combination; (2) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of Zoomcar to grow and manage growth profitably, maintain its reputation, grow its customer base, maintain relationships with customers and suppliers and retain its management and key employees; (3) the impact of the COVID-19 pandemic on the business of Zoomcar (including the effects of the ongoing global supply chain shortage); (4) Zoomcar’s limited operating history and history of net losses and Zoomcar’s incurrence of additional significant liabilities and expenses in connection with the Business Combination, resulting in an expectation that the post-Closing company will pursue opportunities to raise capital in the near and intermediate term after the Business Combination; (5) Zoomcar’s customer concentration and reliance on a limited number of key technology providers and payment processors facilitating payments to and by Zoomcar’s customers; (6) costs related to the Business Combination; (7) unfavorable interpretations of laws or regulations or changes in applicable laws or regulations; (8) the possibility that Zoomcar may be adversely affected by other economic, business, regulatory, and/or competitive factors; (9) Zoomcar’s estimates of expenses and profitability; (10) the evolution of the markets in which Zoomcar competes; (11) political instability associated with operating in current and future emerging markets Zoomcar has entered or may later enter; (12) risks associated with Zoomcar maintaining inadequate insurance to cover risks associated with business operations now or in the future; (13) the ability of Zoomcar to implement its strategic initiatives and continue to innovate its existing products; (14) the ability of Zoomcar to adhere to legal requirements with respect to the protection of personal data and privacy laws; (15) cybersecurity risks, data loss and other breaches of Zoomcar’s network security and the disclosure of personal information or the infringement upon Zoomcar’s intellectual property by unauthorized third parties; (16) risks associated with the performance or reliability of infrastructure upon which Zoomcar relies, including, but not limited to, internet and cellular phone services; (17) the risk of regulatory lawsuits or proceedings relating to Zoomcar’s products or services; (18) increased compliance risks associated with operating in multiple foreign jurisdictions at once, including regulatory and accounting compliance issues; (19) Zoomcar’s exposure to operations in emerging markets where improper business practices may be prevalent; (20) Zoomcar’s ability to obtain additional capital when necessary; (21) the risk that Zoomcar’s significant increased expenses and administrative burdens as a public company could have an adverse effect on its business, financial condition and results of operations; (22) if the benefits of the Business Combination do not meet the expectations of investors or securities analysts, the potential for the market price of Zoomcar’s securities to decline; (23) the ability to obtain or maintain the listing of common stock or warrants on Nasdaq following the Business Combination; (24) Zoomcar’s management team’s limited experience managing a public company; and (25) other risks and uncertainties identified in the Registration Statement (No. 333-269627), initially filed with the Securities and Exchange Commission (the “SEC”) on February 7, 2023, as amended and supplemented, relating to the Business Combination, including those under “Risk Factors” therein, and in other filings with the SEC made by Innovative, Zoomcar, or New Zoomcar.

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement referenced above and other documents filed by Zoomcar from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. Forward-looking statements speak only as of the date they are made, and the combined com disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of developments occurring after the date of this communication. Forecasts and estimates regarding Zoomcar’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

Media:
Surabi Shetty, PR Lead
surabi.shetty@zoomcar.com

Zoomcar, Inc.
Greg Moran, CEO & Co-Founder
Greg@zoomcar.com

Zoomcar, the World’s Largest Emerging Market Focused Car Sharing Platform, to be Publicly Listed Through a Merger with Innovative International Acquisition Corp. (NASDAQ: IOAC)

Founded in 2013, Zoomcar has pioneered car sharing across emerging markets.  With its asset-light marketplace-focused business model, the Zoomcar platform connects host vehicle owners with guests who choose from a selection of otherwise idle cars to use for personal, business and travel needs. With operations across India, Indonesia, Vietnam, and Egypt, Zoomcar is transforming the urban mobility landscape with the introduction of affordable, sustainable and convenient transportation solutions.  Zoomcar currently operates across more than 50 cities globally and plans to continue building smart, convenient and sustainable transport solutions for emerging market consumers.

Zoomcar’s primary focus lies in emerging market transportation, which, based on ownership rates across Zoomcar’s core markets averaging less than 10%, translates into an estimated  $90 billion addressable market across emerging market geographies by 2025.

At its core, Zoomcar’s primary advantage stems from its continuing focus, from inception, on investing across core technologies such as IoT and machine learning to create a seamless, frictionless user experience for guests and hosts.  

Zoomcar expects to use proceeds from the proposed transaction (the “Proposed Transaction”) with Innovative to accelerate technology development and new market entry while also continuing to invest in growth across existing markets.  

The Proposed Transaction represents an implied pro forma enterprise value of Zoomcar of approximately $456 million.  Proceeds to Zoomcar from the Proposed Transaction are expected to consist of funds retained by Innovative, after shareholder redemptions, and transaction financing.

Bangalore, India October 13, 2022: Zoomcar, Inc. (“Zoomcar”), the world’s largest emerging market focused car sharing platform, and Innovative International Acquisition Corp. (“Innovative”) (NASDAQ: IOAC), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive merger agreement (the “Merger Agreement”) that will result in Zoomcar becoming a publicly listed company. The transaction values the combined company (the “Combined Company”) at an implied pro forma enterprise value of approximately $456 million. Upon closing, the Combined Company will be renamed Zoomcar Holdings, Inc. and expects to list its common stock on Nasdaq.

Zoomcar presently has over 3 million active users and over 25,000 vehicles registered for use on its global car sharing marketplace, a milestone achieved within just 12 months of launching its car sharing platform. With private car usage rates of 1-2 hours per day across its core markets, Zoomcar benefits from exceptionally favorable market dynamics, as it sources vehicle owners to become hosts on its car sharing marketplace.  On the guest side of its business, Zoomcar benefits from the wide variety of use cases for private car usage across its core markets.  The post-COVID 19 pandemic recovery also provides significant opportunity for short-term vehicle usage.

“Zoomcar aims to fundamentally transform the urban mobility landscape across emerging markets through the introduction of a highly scalable marketplace focused car sharing platform,” said Zoomcar Co-Founder and CEO Greg Moran.

Zoomcar has grown steadily since its launch, with a rapid pace of adoption that has built its presence in four countries and more than 50 cities.  Zoomcar’s first mover advantage across markets provides a strong brand awareness that forms the backbone of its product driven, organic growth strategy for future business buildout.

Zoomcar’s shared mobility vision has proven to be an ideal fit for emerging markets, with less than 10% average vehicle ownership across its core markets creating untapped demand among a growing middle class that values affordability and convenience.  Additionally, young populations and rapidly growing, dense cities make Zoomcar’s car sharing marketplace ecosystem stronger and help to strengthen continuous adoption.

Zoomcar’s unique technology platform facilitates car sharing at scale. Owners of personal, private or non-transport vehicles (hosts) can list their vehicles on the platform, and eligible users (“guests”) can book them for personal use. Hosting on Zoomcar is easy and hosts cars listed on the platform are fitted with a customized safety monitoring hardware device, offering 100% keyless entry as part of Zoomcar’s proprietary IoT technology stack.  After onboarding, the car is ready to earn income for the host once it starts receiving bookings. Hosts have flexibility to share their car whenever it’s convenient and hosts are credited with earnings upon the completion of a booking.

Management Comments

Greg Moran, Founder & CEO of Zoomcar

“Zoomcar’s car sharing marketplace is positioned to cut across emerging markets, and we expect to target future expansion opportunities in markets which include SE Asia, Latin America, MENA, and Sub-Saharan Africa.” Moran said. “We see a vast addressable market, totaling approximately $90 billion annually by 2025, due to current average private car ownership levels of less than 10% across, combined with an underutilized vehicle base of nearly 200 million cars in our core markets.”

Dr. Mohan Ananda, Chairman & CEO of Innovative

“With our deep experience in operations & technology, we see Zoomcar’s advanced platform addressing and solving the industry’s most pressing needs in today’s challenging urban and emerging markets. Zoomcar’s track record and success to date sets Zoomcar apart from competitors and positions it for accelerated growth at a time when vehicle usage demand is growing and car ownership remains very low.”

Key Transaction Terms

The Proposed Transaction between Innovative and Zoomcar is structured as a merger of an Innovative subsidiary and Zoomcar and concurrent issuance of securities by Innovative to Zoomcar security holders.  Upon consummation of the merger, the publicly listed Combined Company is expected to be renamed “Zoomcar Holdings, Inc.”. The Proposed Transaction values Zoomcar at an implied pro forma enterprise value of approximately $456 million.  Transaction consideration, consisting of newly-issued securities of the Combined Company, will include shares of Combined Company common stock, valued at $10.00 per share, and assumption of outstanding Zoomcar securities; additional earnout shares may be distributed to Zoomcar stockholders after closing, upon achievement of certain trading price-based targets or a change of control of the Combined Company.  The Trust Account established by Innovative at the time of its initial public offering currently contains approximately $235 million.  Proceeds from the Trust Account, following satisfaction of redemptions by Innovative shareholders, are expected to provide proceeds to Zoomcar at closing to pursue its business strategy and for general working capital purposes.  After the closing, Zoomcar stockholders are expected to retain a majority of the outstanding shares of the Combined Company and Zoomcar will designate a majority of proposed directors for the Combined Company board.

The boards of directors of both Zoomcar and Innovative have unanimously approved the proposed business combination, which is expected to be completed in the first half of 2023, subject to, among other things, approval by Innovative’s and Zoomcar’s shareholders, and satisfaction (or waiver, as applicable) of the conditions stated in the Merger Agreement, including regulatory approvals and other customary closing conditions, including a registration statement (the “Registration Statement”) to be filed by Innovative being declared effective by the U.S. Securities and Exchange Commission (the “SEC”).

Additional information about the Proposed Transaction, including a copy of the Merger Agreement, will be provided in a Current Report on Form 8-K to be filed by Innovative with the SEC and available at www.sec.gov. Additional information about the Proposed Transaction will be described in the Registration Statement, which Innovative will file with the SEC.

Advisors

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is acting as exclusive financial advisor and exclusive capital markets advisor to Zoomcar; Ellenoff Grossman & Schole LLP is acting as US legal advisor to Zoomcar. Lincoln International is acting as financial advisor to the special committee of the board of directors of Innovative (the “Special Committee”). McDermott Will & Emery LLP is acting as US legal advisor to Innovative. Morris, Nichols, Arsht & Tunnell LLP is acting as legal advisor to the Special Committee. DLA Piper LLP (US) is acting as legal advisor to Cohen & Company Capital Markets.

Investor Webcast

Zoomcar and Innovative expect to hold a joint conference call to discuss the proposed business combination. A transcript of the conference call will be furnished by Innovative to the SEC and available on the SEC’s website at www.sec.gov. In addition, Innovative intends to file a registration statement on Form S-4 with the SEC, which will include a proxy statement/prospectus of Innovative, and will file other documents regarding the Proposed Transaction with the SEC.

About Zoomcar

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is the leading marketplace for car sharing across India, Southeast Asia and the MENA region, with over 25,000 cars currently available to guests using its platform. The Zoomcar community connects vehicle owners with guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in growing markets. Uri Levine, the co-founder of mobility unicorns Waze and Moovit, currently serves as Chairman of Zoomcar’s Board of Directors.

About Innovative International Acquisition Corp.

Innovative is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Innovative’s management, comprises of Dr. Mohan Ananda, Madan Menon and Elaine Price, along with a board of directors that builds on its ability, experience and network with cross border transactions and strategic growth, sought to partner with a technology company that had a global footprint with a focused global growth strategy. Innovative conducted a successful IPO in October of 2021, in which it raised $235 million. Innovative’ s investment thesis was to find a company which had a history of positive growth, a clear path to profitability, a strong defensible market position coupled with a culture of inclusion, diversity, and environmental responsibility. Innovative sought advice from several leading firms to assist with a thorough diligence process prior to entering into the Merger Agreement.

Additional Information and Where to Find It

In connection with the proposed business combination (the “Business Combination”) involving Innovative and Zoomcar, Innovative intends to file with the SEC a Registration Statement on Form S-4 (as amended, the Registration Statement”), which will include a  proxy statement/prospectus. After the Registration Statement is declared effective, Innovative will send the proxy statement/prospectus and other relevant documents to its shareholders. This press release is not a substitute for the proxy statement/prospectus. INVESTORS AND SECURITY HOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT HAVE BEEN FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ZOOMCAR, INNOVATIVE, THE PROPOSED BUSINESS COMBINATION AND RELATED MATTERS. The documents filed or that will be filed with the SEC relating to the Business Combination (when they are available) can be obtained free of charge from the SEC’s website at www.sec.gov. These documents (when they are available) can also be obtained free of charge from Innovative upon written request at Innovative International Acquisition Corp., 24681 La Plaza, Ste 300, Dana Point, CA 92629.

No Offer or Solicitation

This communication is for informational purposes only and is not intended to and shall not constitute a proxy statement or the solicitation of a proxy, consent or authorization with respect to any securities in respect of the Business Combination and shall not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities or a solicitation of any vote of approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Participants in Solicitation

This communication is not a solicitation of a proxy from any investor or security holder. However, Innovative, Innovative International Sponsor I LLC (Innovative’s Sponsor), Zoomcar, and their respective directors, officers and other members of their management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination under the rules of the SEC. Information about Innovative’s directors and executive officers and their ownership of Innovative’s securities is set forth in filings with the SEC, including Innovative’s annual report on Form 10-K filed with the SEC on March 29, 2022 and subsequent quarterly reports filed with the SEC on form 10-Q. To the extent that holdings of Innovative’s securities have changed since the amounts included in Innovative’s most recent annual report, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the participants will also be included in the proxy statement/prospectus, when it becomes available. When available, these documents can be obtained free of charge from the sources indicated above.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning.

These forward-looking statements and factors that may cause actual results and the timing of events to differ materially from the anticipated results include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement or could otherwise cause the transactions contemplated therein to fail to close; (2) the outcome of any legal proceedings that may be instituted against Innovative, Zoomcar, the Combined Company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of Innovative or stockholders of Zoomcar; (4) the inability of Zoomcar to satisfy other conditions to closing; (5) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (6) the ability to meet stock exchange listing standards in connection with and following the consummation of the Business Combination; (7) the risk that the Business Combination disrupts current plans and operations of Zoomcar as a result of the announcement and consummation of the Business Combination; (8) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the Combined Company to grow and manage growth profitably, maintain its reputation, grow its customer base, maintain relationships with customers and suppliers and retain its management and key employees; (9) the impact of the COVID-19 pandemic on the business of Zoomcar and the Combined Company (including the effects of the ongoing global supply chain shortage); (10) Zoomcar’s limited operating history and history of net losses; (11) Zoomcar’s customer concentration and reliance on a limited number of key technology providers and payment processors facilitating payments to and by Zoomcar’s customers; (12) costs related to the Business Combination; (13) unfavorable interpretations of laws or regulations or changes in applicable laws or regulations; (14) the possibility that Zoomcar or the Combined Company may be adversely affected by other economic, business, regulatory, and/or competitive factors; (15) Zoomcar’s estimates of expenses and profitability; (16) the evolution of the markets in which Zoomcar competes; (17) political instability associated with operating in current and future emerging markets Zoomcar has entered or may later enter; (18) risks associated with Zoomcar maintaining inadequate insurance to cover risks associated with business operations now or in the future; (19) the ability of Zoomcar to implement its strategic initiatives and continue to innovate its existing products; (20) the ability of Zoomcar to adhere to legal requirements with respect to the protection of personal data and privacy laws; (21) cybersecurity risks, data loss and other breaches of Zoomcar’s network security and the disclosure of personal information or the infringement upon Zoomcar’s intellectual property by unauthorized third parties; (22) risks associated with the performance or reliability of infrastructure upon which Zoomcar relies, including, but not limited to, internet and cellular phone services;  23 the risk of regulatory lawsuits or proceedings relating to Zoomcar’s products or services; (24) increased compliance risks associated with operating in multiple foreign jurisdictions at once, including regulatory and accounting compliance issues; (25) Zoomcar’s exposure to operations in emerging markets where improper business practices may be prevalent; (25) Zoomcar’s ability to obtain additional capital when necessary;

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Registration Statement referenced above and other documents filed by Innovative from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. Forward-looking statements speak only as of the date they are made, and Innovative and Zoomcar disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of developments occurring after the date of this communication. Forecasts and estimates regarding Zoomcar’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

Contacts

Zoomcar

Investors:

Michael Bowen

zoomcarIR@icrinc.com

Media:

Surabi Shetty

surabi.shetty@zoomcar.com

Innovative International Acquisition Corp.

Dr. Mohan Ananda, Chairman &CEO

mohan@innovativeacquisitioncorp.com

Rise in bookings witnessed at Zoomcar, DriveU and QuickRide across the country

With a spate of long weekends leading up to the pre-festive season mood, an increasing number of customers are choosing road travel with merchants such as Zoomcar, DriveU, and QuickRide. According to insights from Simpl  India’s foremost checkout network, bookings on merchant platforms made via its 1-tap checkout witnessed a 2x rise in demand in August this year as against same time in 2022. Among the travel options, self-driven cars are fast emerging as one of the most preferred choices among customers, with Zoomcar, the leading marketplace for car sharing in emerging markets, posting a remarkable growth of nearly 3x in transactions through Simpl’s 1-tap checkout network.

At a pan-India level, Zoomcar experienced a substantial upswing in bookings, demonstrating over 50% increase. This surge serves as a clear indicator of a significant shift in consumer behavior throughout the country. It mirrors the growing preference among Indian travelers for the flexibility provided by Zoomcar, coupled with the convenience of Simpl’s 1-tap checkout.

While metropolitan areas, including Bengaluru, Chennai, Delhi, Hyderabad, and Mumbai, led the surge in demand, tier-2 cities such as Coimbatore,  Jaipur, and Vizag are also witnessing a significant uptick in road travel. Additionally, the insights reveal a consistent trend of higher bookings from Thursday through Sunday, primarily attributable to the allure of weekends.

Commenting on this trend, Ashwini Ravindranath, Vice-President, Partner Success at Simpl, said ‘In the midst of extended weekends and the surging pre-festive enthusiasm for road travel, our partner merchants are steadfast in their commitment to delivering unparalleled comfort to discerning travelers. At Simpl, we take immense pride in our pivotal role as facilitators, providing a seamless 1-tap checkout experience that is not only effortless but also distinguished by its refinement. This marks a significant milestone for us in empowering our merchants to elevate each traveler’s journey with poise and confidence, transforming every payment experience into an unforgettable one’

Among the diverse demographic segments, our data reveals a noteworthy trend: a substantial 62% of our users fall within the age bracket of 21-30 years. This finding provides valuable insights into the evolving preferences of the younger generation. It suggests that the age group, most commonly associated with dynamic and adventurous travel, is increasingly accessing services provided by Zoomcar, DriveU and QuickRide  seamlessly through Simpl’s 1-tap Checkout.

Commenting on this Greg Moran, CEO & Co Founder Zoomcar said , ‘As an organization, we have a nuanced understanding of consumers’ evolving preferences and have been at the forefront of making available the widest selection of cars across each of our markets for their convenience. The onset of the festive season marked with several long-weekends in August has led to a sharp uptick in the demand for self-drive cars. Here, an added convenience in the form of Simpl’s 1-tap checkout has played a crucial role in offering a seamless booking journey for the customer across the board’.

Zoomcar partnered with Simpl in 2021, and since then, the self drive service provider has significantly contributed to increasing their average ticket size by 40%.

As we approach the festive season, this surge in travel bookings through Simpl Checkout serves as a testament to the evolving preferences of Indian consumers and their preference for a quick, and seamless Checkout option. Currently, over 26,000 large, medium and small merchants like Zomato, Big Basket, Book my Show, Jio Mart and Rapido use Simpl’s Checkout options to bring trust and convenience for their customers.

Zoomcar announces partnership with Vistara to offer their self-drive services to Club Vistara members

Club Vistara members will now be able to enjoy self-drive options with Zoomcar

and earn upto 05 CV Points on every INR 100 spent

Bangalore, March 01: Zoomcar, the largest self-drive car sharing platform in India, today announced its partnership with Vistara, India’s finest full-service carrier and a joint venture of Tata group and Singapore Airlines, to become its self-drive partner. In-line with Vistara’s distinguished flying experience, customers can now avail a wide choice of self-drive cars from Zoomcar while booking through the Vistara website. Vistara customers can now book their self-drive cars with Zoomcar and earn CV Points.

As part of this association, Vistara customers can earn 5 CV Points for every INR 100 spent when booking through a simple process on their website (https://www.airvistara.com/in/en/club-vistara/partners/car-rentals/zoomcar) and enjoy Zoomcar’s self-drive options. Zoomcar’s core offering allows individuals to access personal mobility in a safe, affordable, and flexible manner.

Club Vistara Member Benefits:

Club Vistara members enjoy up to 5 CV Points on every INR 100 spent and additional discount of up to 15% on their first booking with Zoomcar Rentals till 31-March-2023, using the promocode ‘ZOOMVISTARA’.

Steps to earn CV points:

• Visit Club Vistara partner page through link and click Book Now – https://www.airvistara.com/in/en/club-vistara/partners/car-rentals/zoomcar
• Visit Zoomcar app/download the App
• Provide the required details (Pick up location, Start date, End date etc.) to search the cars available near your pick up location.
• Select from the list of options available.
• Once you have finalized the car, apply ‘ZOOMVISTARA’ coupon to earn additional discount & CV points & make the payment.
• Post booking, you will receive a push notification & email with a link to a google form, where you need to provide your CV ID along with booking details, to earn the CV Points.

“Over the past decade, we have been transforming urban mobility across emerging economies,” said Greg Moran, CEO and Co-Founder Zoomcar. “We are delighted to partner with Vistara to bring innovative, mobility solutions to our guests. As trusted travel partners for customers across the country, we see great synergies in this partnership.”

Hosts on Zoomcar surpass 200 + Crores income on sharing platform

-With travel comfortably exceeding pre-COVID levels, the company expects hosts to earn 1,000 + crores in the next 12 months –

Bengaluru, India Aug 02, 2022: Zoomcar, the leading marketplace for car sharing in emerging markets, today announced Zoomcar hosts have earned 200 crores since the launch of the host program in December 2021 and are on their way to do over 1,000 crores in the next 12 months.

Zoomcar has witnessed steady growth since its launch, with more individuals hosting their cars on the platform to earn an additional passive income. Zoomcar offers over 1,000 unique SKUs across 40+ cities including transit points like airports and railway stations with a comprehensive portfolio of cars across categories – Hatchbacks, Sedans, MUVs, SUVs, EVs, and Luxury cars.

According to Zoomcar, the average host shares their vehicle for 15 days in a month and earns up to INR 50,000/- per month. Zoomcar hosts are a mix of entrepreneurs, corporate employees, and small business owners with approximately 15% of the hosts listing multiple cars on the Zoomcar sharing marketplace. Hosts inspire to create a secondary source of income from existing/new vehicles to create a rental business of their own. The age bracket for Zoomcar hosts varies from the mid-20s to mid-50s.

Speaking on the announcement, Greg Moran, Co-Founder and CEO Zoomcar said, “We are very happy to surpass this exciting milestone on our journey toward creating more economic empowerment for our hosts.  As a platform, we’ve witnessed exceptional growth in the number of hosts using our platform and we expect this to grow even more as more car owners understand the economic benefits of hosting on Zoomcar. Our team continues to be focused on delivering delightful customer experiences for our hosts and guests on the Zoomcar platform.”

 Zoomcar Host, Ekta Agrawal, Web Designer said “I am very happy with the milestone Zoomcar has achieved. I have been a host on the platform for the past 8 months with 2 cars and am earning more than my stock investments.  The host program has helped create a secondary source of income for us, with each car giving us around 40K per month. Congratulations to Zoomcar,  I am also planning to add one more car by investing 25% of my earnings from both the cars. My friends who I have referred to are also very happy using the host program.”

Zoomcar crosses 1 million airport trips in India

Zoomcar offers convenient, reliable, and cost-effective commute options across 30+ airports including all major cities and tourist destinations in India. 

Bengaluru, India July 19, 2022: Zoomcar, the leading marketplace for car sharing in emerging markets, today announced it has fulfilled over 1 million airport trips in India. With travel restrictions now eased, a rapidly growing number of guests are appreciating the convenience of hassle-free self-drive options with Zoomcar from airports. Whether it’s for vacations, hill station drives, family visits, road trips with friends or business trips, Zoomcar guests have enjoyed booking cars that have unlocked memorable driving experiences.

Zoomcar offers airport terminal delivery and pickup in more than 30 airports across India. Major metropolitan airports, including Chennai, Delhi, Mumbai and Bengaluru, account for more than 60% of airport bookings on Zoomcar. Guests between 26 and 35 years old account for the biggest share of airport bookings, and most guests that make airport bookings on Zoomcar use their car on multi-day trips.

There are now more than 20,000 7-seater SUVs, sedans, hatchbacks, and other cars on the Zoomcar marketplace, offering incredible variety to guests across the country. Guests in India have also now driven more than 800 million kilometres in cars booked on Zoomcar.

Speaking on Zoomcar’s milestone, Nirmal NR, CEO Zoomcar India, said, “Zoomcar’s car sharing marketplace allows individuals access to the most diverse selection of vehicles across India and we are thrilled to announce that we have fulfilled over 1 million airport trips in India. We have witnessed tremendous growth in airport bookings in the past 6 months. Cars come with Zoomcar’s promise of assured delivery, or else Zoomcar provides a 2x refund. Our steady growth is a testament to our commitment to creating localized solutions to address pressing challenges linked to urban mobility in India.”

Zoomcar, the leading marketplace for car sharing in emerging markets has more than 5 million guests and a 20,000+ strong Host Community; hosts share their experiences.

-Zoomcar hosts share their experiences and most loved features on the platform-

Bangalore, May 30, 2023: Zoomcar, the leading marketplace for car sharing in emerging markets today announced that it now has 5 million+ guests and over 20,000 hosts in its community. Zoomcar with over 20,000 cars on its platform has covered over 2 billion+ kilometres and received plenty of testimonials from its cherished hosts.

Shashi Shekar from Bangalore became a host at Zoomcar after coming across a Facebook advertisement. The advertisement came at the right time, since Shashi, who was working in the automobile sector, had lost his job due to the pandemic. He decided to try earning an additional income and has now become a full-time host in Zoomcar with 4 cars in two years. “I had a Kia Seltos, a new model car with only two thousand kilometres driven at that time, so I decided to give it a try. Now, in a span of two years, I have four cars and plan to add six more by the end of this year. The best part of the Zoomcar platform is that I can see money coming in on a daily basis, which covers all my expenses, including household and family expenses. My financial health has improved, and I have more time to spend with my family. Zoomcar has truly made a positive impact on my life. One of my favorite features is the recently introduced performance dashboard, where I can track the performance and returns of my cars. I’m excited for more introductions from Zoomcar that will benefit both customers and hosts like me”. 

Another host who is on Zoomcar, Jagdish Jawar, the owner of an Ayurvedic factory, discovered Zoomcar when he was looking to multiply his income. “I was looking for a safe and futuristic investment that would boost my profits. That’s when I discovered Zoomcar. My friend and I were searching for an opportunity where we could park our investment and earn high returns. Through a friend, we learned about the good business opportunity offered by Zoomcar. We met with some people at Zoomcar and decided to invest in one car. Currently, we have four cars – three Ertigas and one Ciaz – and we can see significant growth. Each car generates around 40,000 INR per month, so with four cars, we’re earning around 1.5 lakhs. We have plans to add more cars, but finding suitable parking facilities is our only obstacle. Based on the performance and data provided by Zoomcar assistance, we intend to add more seven-seaters and automatic cars, as Ertigas have been providing higher returns. Generally, everyone has a five-seater car at home, but when they want to travel with friends or family, a minimum of a seven-seater is required. Therefore, adding seven-seaters to the Zoomcar fleet makes perfect sense”.

Like Jagdish, Dr Nadim Khan, an Ayurvedic skin and hair specialist based in Bangalore, was seeking additional income to match the current cost of living, and decided to take a chance by becoming a host on Zoomcar. “I joined Zoomcar about a year ago after being referred by a friend. I became a Zoom host and now have two top-end diesel cars running on the platform. As you know, the cost of living in Bangalore is very high, so I decided to invest in Zoomcar as an alternate business to generate extra income and cover my daily expenses. My rating as a host is 4.8, and I always ensure that my car is clean, fuelled up, and all the accessories are in working condition to maintain this rating. I believe in providing good service to my guests, and I want to see my car listed on top in the Zoom host app”.

Finally, Vivian Vijay Spinto, a 26-year-old Banker from Mangalore, who discovered Zoomcar while looking for options to earn more, says that it is one of the best platforms for car hosts and those who wish to hire a car. “I work as a banker and have been considering multiple businesses to generate additional income apart from my banking job. I was planning to explore other businesses such as restaurants and other ventures, but I felt that Zoomcar was the best option. I started with one car as a trial and later added three more. Currently, I have four cars and plan to add more in the future. Zoomcar has provided me with a great opportunity and platform to earn additional income. I particularly appreciate features like the guest chat box and the performance calculation dashboard in the Zoomcar application. The guest chat box has been useful as guests have reached out to me for location information and any concerns they might have. I have been able to assist them by promptly responding to their messages. Additionally, the performance analysis dashboard allows me to track my revenue and set aside a portion for maintenance expenses. With the performance dashboard, I can monitor the revenue earned through Zoomcar and allocate a specific amount for expenses. This helps me determine the amount of revenue generated from the car at the end of the day or year. Being a Zoomcar host has been an excellent way for me to start earning a secondary income”.

Naveen Gupta, Country Head, Zoomcar India added “We are very happy to surpass this exciting milestone on our journey toward creating more economic empowerment for our hosts. Zoomcar offers over 1,000 unique SKUs in over 45 cities including transit points like airports and railway stations with a comprehensive portfolio of cars across categories – Hatchbacks, Sedans, MUVs, SUVs, EVs, and Luxury cars. As a platform, we’ve witnessed exceptional growth in the number of hosts using our platform and we expect this to grow even more as more car owners understand the economic benefits of hosting on Zoomcar. Our team continues to be focused on delivering delightful customer experiences for our hosts and guests on the Zoomcar platform”. 

Zoomcar announces brand campaign #ApniHiSamjho

-Zoomcar’s first large-scale brand campaign focused on establishing the guest-host connect –

Bangalore, May 09, 2023: Zoomcar, the leading marketplace for car sharing in emerging markets, today announced its first large scale brand campaign #ApniHiSamjho that depicts the warmth of Host- Guest connect. With this campaign Zoomcar expects to see users have a better understanding of the marketplace model while showcasing its true values from offering a wide variety of cars to keyless entry, the importance of ratings to a 2-way chat between Host & Guest and an opportunity for budding entrepreneurs to host their cars on Zoomcar & earn their second income.

Zoomcar kicked off the campaign with a flourish on tv during the IPL, but the 360 campaign isn’t limited to tv alone, Zoomcar also has an active brand presence across digital mediums, top airports, and various prominent outdoor properties. Overall, across these mediums, Zoomcar aims to ensure that the story remains consistent and helps builds memorability and increase awareness.

“We are excited to go live with our new brand campaign #ApniHiSamjho that was created to showcase and build our Guest-Host community. #ApniHiSamjho is the overall tagline of the campaign that articulates the true spirit of our platform.  We believe a brand campaign should ultimately tell a powerful story. At its core, it’s about translating this story for people in such a way that we clearly demonstrate the value that we create for them. Whether you’re a guest or a host, you come to the Zoomcar platform with the expectation that we can help serve your requirement.  We believe this campaign helps satisfy this need, whether a guest embarking on a trip or a host pursuing an entrepreneurial opportunity.” said Greg Moran, CEO and Co-Founder Zoomcar “

About Zoomcar

Zoomcar is the leading marketplace for car sharing in emerging markets, with over 20,000 cars on its technology-driven platform across India, Southeast Asia, and Egypt. Zoomcar empowers host entrepreneurs to safely and easily share their cars to earn additional passive income. Guests in the Zoomcar community enjoy a diverse, affordable selection of cars to unlock memorable driving experiences with friends and family. Founded in 2013 and headquartered in Bengaluru, India, Zoomcar employs over 300 people and operates in 50 cities across India, Indonesia, Vietnam, and Egypt. Uri Levine, the co-founder of mobility unicorns Waze and Moovit, currently serves as Zoomcar’s Chairman of the Board

Zoomcar partners Air India to offer Flying Returns points to travelers.

Members of Air India ‘Flying Returns’ frequent flyer program will now be able to enjoy self-drive options with Zoomcar and earn up to 5 Flying Returns points on every INR 100 spent.

Bangalore, August 29, 2023: Zoomcar, the leading marketplace for car sharing in emerging markets, today announced a partnership with Air India, the country’s leading international carrier, enabling the carrier’s Flying Returns (FR) frequent flyer members to earn Flying Returns points for using Zoomcar’s car sharing services. Air India Flying Returns members can now choose from Zoomcar’s self-drive options through the Air India website.

Flying Returns members will receive up to 5 Flying Returns points on every 100 spent and an additional discount of up to 15% on their first booking with Zoomcar till 30^th September 2023, using the promocode ‘ZOOMAIRINDIA’.

Zoomcar’s core offering allows individuals to access personal mobility in a safe, affordable, and flexible manner.

Steps to earn Flying Returns points:

• Visit Air India partner page through link and click Book Now – https://www.airindia.com/in/en/flying-returns/partner-offers/zoomcar.html
• Visit Zoomcar app/download the App
• Provide the required details (Pick up location, start date, End date etc.) to search the cars available near your pickup location.
• Select from the list of options available.
• Once you have finalized the car, apply ‘ZOOMAIRINDIA’ coupon to earn additional discount & Flying Returns points & make the payment.

“Over the past decade, we have been transforming urban mobility across emerging economies,” said Greg Moran, CEO and Co-Founder Zoomcar. “We are delighted to partner with Air India to bring innovative, mobility solutions to our common guests. As trusted travel partners for customers across the country, we see great synergies in this partnership.”

About Zoomcar

Zoomcar is the leading marketplace for car sharing in emerging markets, with over 20,000 cars on its technology-driven platform across India, Indonesia, and Egypt. Zoomcar empowers host entrepreneurs to safely and easily share their cars to earn additional passive income. Guests in the Zoomcar community enjoy a diverse, affordable selection of cars to unlock memorable driving experiences with friends and family. Founded in 2013 and headquartered in Bengaluru, India, Zoomcar employs over 250 people and operates in over 45 cities across India, Indonesia, and Egypt. Uri Levine, the co-founder of mobility unicorns Waze and Moovit, currently serves as Zoomcar’s Chairman of the Board.