Bengaluru, India – [9 August, 2024] – Zoomcar, Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the NASDAQ-listed leading marketplace for self-drive car sharing, has successfully launched their first Fulfillment Center in Chennai with plans to add 100+ centers & 1000+ cars by December 2024. These Fulfillment Centers are operated by 3rd party service providers who are verified, trained and guided by Zoomcar. Designed to elevate Guest experiences, these centers manage end to end operations of car listings on behalf of Hosts who want to earn by sharing their cars but find it challenging to do it themselves.

The key success factors of top Zoomcar Hosts who earn up to ₹60,000 per month with a single car is a 4.5+ rating, easy availability at high demand locations, and a good car model. Zoomcar with its 11 years of expertise in running a car sharing business helps these Fulfillment Centers on providing high quality services to Guests. Hosts pay a nominal fee to get an array of services from these centers like managing their car, regular cleanliness, safe & secure parking space at top locations in hot spots, delivery & pick up of car to Guests & service centers, one on one coordination with Guests, & many more.

Cars managed through the Fulfillment Center are tagged as “Assured by Zoomcar” on the Zoomcar app, offering Guests reliable booking options with 24/7 pick-up and drop-off. Zoomcar’s pilot in Chennai has shown promising results, where over 20 Hosts showed interest in listing their cars within days of launch and got an average of 3 bookings within 24 hours of car listing.

Hiroshi Nishijima, CEO of Zoomcar, said: “Since 2013 we’ve been the largest platform for self drive cars in India and we are obsessed with providing assured bookings to our Guests. With our decade long experience we wanted to extend our expertise to Hosts to simplify car sharing for them and help manage their cars without any operational hustle. It’s like signing up for an SIP and getting regular returns.”

“As a Zoomcar Host, I’ve been thrilled with the earnings potential from car sharing. Signing up with the Fulfillment Center has made the entire process incredibly easy and convenient. I no longer have to worry about the logistics allowing me to earn a steady income without any hassle. It’s the perfect solution for someone like me who wants to share my car but doesn’t have the time to manage it personally.” said Mr. A Prathap, a satisfied Zoomcar Host from Chennai. 

Zoomcar previously operated on a car ownership business model before it turned to a marketplace. Their expertise in providing smooth Guest experiences over 11 years will translate into Host success stories via these Fulfillment Centers. Zoomcar aims to grow this model and encourage the addition of over 1000+ Hosts across 100+ cities by December 2024. 

About Zoomcar:

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused in India. 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 India.

Forward Looking Statement:

This press release may contain forward-looking statements about our plans, efforts, projections, goals, commitments, expectations, or prospects related to the Fulfillment Centers launched in partnership with our service providers. These forward-looking statements reflect our management’s current expectations with respect to this partnership and enhanced Guest experience through these Fulfillment Centers thereof and these statements may entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as “may,” “will,” “aim,” “elevate”, “promising” “encourage,” “estimate,” “intend,” “indicate,” “continue,” “promote,” “believe,” “grow”,  or “enhance,” or the negatives thereof, as well as other variations or comparable terminology. We ask that you read statements that contain these terms carefully because we believe this information is important for our investors and customers. Any forward-looking statement in this press release refers solely to what is accurate as of the day it is issued or based on assumptions that Zoomcar believes to be reasonable. The actual results and outcomes may materially differ due to various factors or events beyond our control which we may not be foreseeable at all times. We cannot guarantee or assure any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this press release can or will be achieved. We undertake no obligation to alter or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as required by law.

Contact:

Akarshit Gulati: akarshitg@avianwe.com

Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com 

Bangalore, India – [7 August, 2024] – Zoomcar, Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the NASDAQ-listed leading marketplace for self-drive car sharing, has announced the launch of its new & improved unified app that’s designed ​​to upgrade the car sharing experience for both Guests and Hosts. The new app will be faster, smoother to use packed with over 10+ feature upgrades that will further boost the growth of addition of more cars & Hosts on to the platform. 

Previously, Zoomcar had two apps – Zoomcar app was used by over 10M Guests to book a self drive car from widest range of 25,000+ car options while Zoomcar Host app was used by its community of 20,000+ Hosts who share their car on Zoomcar for managing their car listings. This strategic move is vital for Zoomcar’s business, where over 40% of Guests also own cars. With this new app, Guests can effortlessly start their micro business as a Zoomcar Host, and Hosts can seamlessly book a car as Guests, all with just one app.

Guests will have access to a quicker experience while booking a car as Zoomcar improves their catalog with top rated cars and a dedicated “Guest Favourites” feature that has a selection of frequently booked & highly rated cars by other Guests. This feature is designed to facilitate more reliable car selections, enhancing the overall booking experience with trustworthy reviews.

Zoomcar Hosts will now have more control on running their micro business on Zoomcar with the unified app. They can manage multiple cars in just one tab “Your cars” and also simultaneously check their car’s ranking real time to stay updated with how cars from other Hosts in their area are listed as competition. Additionally, Hosts will have the flexibility to choose minimum booking duration, opt out of late night bookings and also switch on automatic listing extensions so their listings don’t expire. New Zoomcar Hosts can now opt for installation of a GPS tracker and keyless entry device right after signing up on the app. 

Hiroshi Nishijima, CEO of Zoomcar, stated, “We’ve been spending a lot of time listening & meeting with our Hosts in the past few months and our unified app has been meticulously designed to provide far more controls to our Hosts and encourage car sharing as a growing business in India. We are obsessed with our customers’ experience and the timing of the launch fits perfectly as we continue to see rising high demand for the Independence Day long weekend.”

Vishal Ramrakhyani, Head of Engineering at Zoomcar, added, “Our engineering & product teams dedicated their time in understanding customer feedback and developed a unified Zoomcar app that integrates all functionalities required by both Guests and Hosts. The new features, such as ‘Guest Favourites’ and easy car listing control for Hosts, are designed to make the platform more intuitive and user-friendly.”

In their annual report for fiscal year ending March 2024, Zoomcar reported improvement in their platform’s average trip rating to 4.66 on a 5 point scale along with an increase in net revenue by 12% from $8.83 million to $9.90 million. Their unified app initiative reflects Zoomcar’s commitment to continuously improving its services and ensuring that both Guests and Hosts enjoy a superior experience under its new leadership team. 

To experience their all new app, download the Zoomcar app from the App Store or Google Play Store.

About Zoomcar:

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused in India. 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 India.

Forward Looking Statement:

This press release may contain forward-looking statements about our plans, efforts, projections, goals, commitments, expectations, or prospects related to the launch of the unified app. These forward-looking statements reflect our management’s current expectations with respect to the use and implementation of the unified app extended thereof and these statements may entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as “may,” “will,” “aim,”  “empower,” “estimate,” “intend,” “indicate,” “continue,” “promote,” “believe,” “boosting”, “elevate,” or “enhance,” or the negatives thereof, as well as other variations or comparable terminology. We ask that you read statements that contain these terms carefully because we believe this information is important for our investors and customers. Any forward-looking statement in this press release refers solely to what is accurate as of the day it is issued or based on assumptions that Zoomcar believes to be reasonable. The actual results and outcomes may materially differ due to various factors or events beyond our control which we may not be foreseeable at all times. We cannot guarantee or assure any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this press release can or will be achieved. We undertake no obligation to alter or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as required by law.

Contact:

Akarshit Gulati: akarshitg@avianwe.com

Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com 

If we look at the fiscal year ended March 31, 2023, it was the year of transitioning from asset-heavy rental car model to peer-to-peer car sharing marketplace model.

And, in the beginning of the fiscal year ended March 31, 2024, we had positioned it as the year of optimization driven by technology and operational efficiency.

As we delve into Zoomcar Holdings Inc.’s annual report for fiscal year ended March 31, 2024, we would like to highlight the significant strides made by us in improving our financial performance:

1. Revenue Growth: Our net revenue increased by 12% from $8.83 million in fiscal year ended March 31, 2023 to $9.90 million in fiscal year ended March 31, 2024. This is a positive sign of our successful transition to a peer to peer car sharing marketplace.
2. Cost Optimization Efforts: We successfully reduced our cost of revenue by 50%, from $20.68 million in fiscal year ended March 31, 2023 to $10.33 million in fiscal year ended March 31, 2024. This significant reduction was a result of broad-based cost optimization initiatives driven by technology and product. One example is a tighter Guest verification process which uses multiple inputs from Aadhar, driving license and selfie authentication. This has led to reduction in late return and accidents.
3. Reduction in adjusted EBITDA: Our adjusted EBITDA improved from a loss of $32.11 million in fiscal year ended March 31, 2023 to a loss of $17.85 million in fiscal year ended March 31, 2024​. This reduction is a testament to the company’s effective cost management strategies and our focus on achieving operational efficiencies.
4. Platform quality continues to improve at a steady pace: The platform’s average Guest trip rating was 4.16 in Q1 of fiscal year ended March 31, 2023 and we ended Q4 of fiscal year ended March 31, 2023 at 4.66. This clearly demonstrates that our product focused approach to the customer experience on the Zoomcar platform is continuing to pay dividends. A constant focus on building tools to better improve in-trip communication between Guests and Hosts represented a noticeable step function improvement in the overall in-trip experience for both sets of customers on the platform.

Together as a team, we are working towards making the fiscal year ending March 31, 2025 a year of sustainable growth and profitability. Under the new leadership team, we are committed to becoming a customer obsessed company for our Hosts and Guests.

For a detailed look at the financials and more insights, you can access the full annual report here.

–
Hiroshi Nishijima
CEO, Zoomcar

Bengaluru, May 08, 2024: Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”) (Nasdaq: ZCAR), the NASDAQ-listed leading marketplace for self-drive car sharing, has pumped up their efforts to help local car Hosts add more cars to grow their micro businesses on Zoomcar. Through synergistic partnerships with industry leaders such as Cars24, ACKO Drive, Spinny, and Droom, Zoomcar is making car sharing more convenient and cost-effective with customised offers on car buying and financing.

Zoomcar’s car-sharing business model has opened up opportunities for micro-entrepreneurship to car owners where they can Host their car to earn instant income by sharing it on Zoomcar where more than 10M verified guests book their cars for their travel needs. On average Zoomcar Hosts earn up to Rs.7L per year with one car, which varies by car models and car quality. As of Q3 2023, Zoomcar Hosts earned approximately $4 million, marking a significant milestone in providing financial stability to individuals from diverse backgrounds.

BANGALORE, India, Feb. 14, 2024 (GLOBE NEWSWIRE) — Zoomcar Holdings, Inc. (Nasdaq: ZCAR) (“Zoomcar,” the “Company,” “we,” or “our”), the leading marketplace for car sharing in emerging markets, today reported select financial results for the third fiscal quarter ended December 31, 2023.

Management Commentary

“Our third fiscal quarter results capped a strong performance in our ongoing efficiency efforts as we achieved record gross profit and non-GAAP contribution profit while also paving the way for meaningful revenue growth over the next several quarters,” said Greg Moran, CEO and Co-Founder of Zoomcar. “The period also marked an important milestone with our public listing on Nasdaq following our successful business combination. As we look ahead to 2024, we expect a meaningful return to growth with materially improved profitability as we now have the right infrastructure in place to scale our operations efficiently.”

Dear Zoomcar Enthusiasts,

Excitement is soaring high at Zoomcar HQ as we are thrilled to announce that Zoomcar has gone public with its Initial Public Offering (IPO) on the Nasdaq stock exchange, marking a pivotal moment in our journey to transform the way the world moves.

Zoomcar on the Global Stage

Zoomcar has always been synonymous with innovation, and going public on Nasdaq is a testament to our commitment to global excellence. This move propels us onto the international stage, opening new avenues for growth, collaboration, and setting new benchmarks in the mobility industry.

Driving Forces Behind the Decision

Our decision to go public is driven by the vision to accelerate the future of transportation. It provides us with the resources and platform needed to continue our relentless pursuit of excellence, technological advancement, and sustainable solutions. As we embark on this IPO journey, we carry the Zoomcar spirit of innovation and customer-centricity into the global marketplace.

Going public on Nasdaq is not just about financial milestones; it’s about elevating the Zoomcar experience for our users. The funds raised through the IPO will be strategically invested in expanding our fleet, introducing cutting-edge technologies, and enhancing our customer service to ensure that every Zoomcar ride is a seamless, enjoyable experience.

A Heartfelt Thank You to Our Community

We extend our sincere gratitude to our users, partners, and the entire Zoomcar community for being the driving force behind our success. Your support has fueled our journey, and as we go public on Nasdaq, we carry the spirit of collaboration and innovation that defines Zoomcar.

Strap In for the Ride of a Lifetime

As Zoomcar embarks on this exciting chapter, we invite you to strap in for the ride of a lifetime. The road ahead is filled with endless possibilities, and together, we will navigate towards a future where mobility is smart, sustainable, and accessible to all.

Thank you for being a part of the Zoomcar revolution. The adventure continues!

To know more, check out
– Investor relations
– Our announcement CGI
– Trends report powered by Zoomcar
– Press release

Zoomingly Yours,

Zoomcar Team

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

India drove a Maruti Swift the most in 2023

-According to a recent trend report published by Zoomcar that showcases a journey of India’s massive gear shift to self-drive car rentals

Bangalore, December 28, 2023: In the age of digitisation, India has grown massively when it comes to finding convenience and mobility with the help of apps. A recent report on the self-drive car rental industry published by Zoomcar, a leading marketplace for car sharing in emerging markets, revealed that India has grown over 3x in the last 5 years despite the covid outbreak in 2019 and its prolonged impact until 2021. 

The report delves into the changing mindset of consumers who now seek more control over their travel experiences & increasingly opting for the convenience, freedom & privacy offered by self-drive cars. In 2023, 4 out of every 100 people in the country who know how to drive a car preferred to rent one over other modes of transport and a record 84% of people had a 4+ star experience when renting from Zoomcar. 

Bangalore, Delhi & Mumbai emerged to be the top cities where people are fully embracing the idea of renting a car to self-drive over a cab or even possibly buying a car themselves. Furthermore, the report highlights that Indians love variety as the top 5 cars booked most in 2023 includes a mix of Hatchback, SUV & Sedan – Swift, Triber, Ertiga, i10 & Tiago. Each city has their own preferred car models too such as

Mumbai loves to drive a Baleno, Delhi prefers a Fortuner and Goa majorly booked a Thar.

Some more interesting facts:

• India took 145 round trips to Mars in terms of kilometres travelled.
• The city of startups – Bengaluru self-drives the most
• A Hyderabad user drove 17 different cars spending only 2.4L in 2023.
• A Bengaluru man earned over 41Lakhs in just one year by hosting his car on Zoomcar.
• Another Bengaluru user has booked a car 944 times in the last 10 years.

The data also indicates a notable boom of over INR 150 Cr in earnings in just 1 year by local hosts who share their own cars (Zoomcar went asset light and switched to a peer-to-peer marketplace model in 2021). This spike in income for hosts is expected to continue in 2024 as 5 new cars get listed almost every hour!

Speaking on the findings Greg Moran, CEO and Co-Founder Zoomcar says “It’s been over a decade of building & helping India find the most trusted self-drive car for a convenient & flexible travel experience and we are excited to share some very interesting facts and learnings on India’s growth in this industry. We were pleasantly surprised to see some of this mind-blowing data that further instils our passion to continue raising the bar and provide a quality experience with every booking, as we stand at the cusp of our IPO.”

Zoomcar had recently announced their plans to go public with a NASDAQ listing via a merger with a blank-check firm Innovative International Acquisition Corp earlier in Oct’23.

About Zoomcar

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused on emerging markets, with over 25,000 cars currently available to guests using its platform. 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.

Media Contact

Surabi Shetty

Zoomcar

surabi.shetty@zoomcar.com

• Extraordinary general meeting of IOAC shareholders scheduled for October 25, 2023, to vote on the proposed business combination of IOAC with Zoomcar
• Zoomcar is the world’s 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, as amended (the “Merger Agreement”)
• Combined company expected to be named Zoomcar Holdings, Inc. and listed on NASDAQ in fourth quarter of 2023 under ticker “ZCAR”

BANGALORE, India, and DANA POINT, Calif., Oct. 4, 2023  — Innovative International Acquisition Corp. (NASDAQ: IOAC) (“IOAC”), a Cayman Island registered blank-check special purpose acquisition company, and Zoomcar, Inc., a Delaware corporation (“Zoomcar”), an emerging market focused peer2peer car sharing company, are pleased to announce that IOAC’s registration statement on Form S-4, initially filed with the U.S. Securities and Exchange Commission (“SEC”) on February 7, 2023 (as amended, the “Registration Statement”), has been declared effective by the SEC. The Registration Statement was filed in connection with the proposed business combination between IOAC and Zoomcar, previously announced on October 13, 2022.

IOAC has scheduled an extraordinary general meeting of IOAC shareholders (the “IOAC Meeting”) to seek approval and adoption of the Merger Agreement among IOAC, Zoomcar and the other parties thereto and the transactions contemplated thereby (the “Transaction”), and other related matters, a key milestone in the business combination process.

The IOAC Meeting will be held on October 25, 2023, at 11:00 am Eastern Time at the offices of McDermott Will & Emery, LLP at One Vanderbilt Avenue, New York, NY 10017 and in virtual format at https://web.lumiagm.com/#/228230513 (password: innovative2023).

IOAC’s shareholders of record as of the close of business on September 20, 2023, are entitled to receive notice of, to vote, and have their votes counted at the IOAC Meeting and any adjournment thereof.  The joint proxy statement, prospectus and other relevant documents in connection with the proposed Transaction will be mailed to IOAC’s shareholders as of the record date. The Registration Statement containing the joint proxy statement and prospectus contains important information about the proposed Transaction, the Merger Agreement, and the proposals to be considered at the IOAC Meeting. The Registration Statement containing the joint proxy statement, prospectus, and proposals to be considered is available through the SEC’s website at www.sec.gov.

The joint proxy statement also notifies Zoomcar stockholders of Zoomcar’s solicitation of written consents to the Merger Agreement and Transactions associated therewith.  Zoomcar stockholders of record as of September 30, 2023 will be entitled to execute and deliver written consents and are encouraged to review the important information about the proposed Transaction contained in the proxy statement and written consent solicitation materials, in addition to the Registration Statement and IOAC’s other public filings available free of charge through the SEC’s website at www.sec.gov.

Mohan Ananda, the Chairman and CEO of IOAC stated “I am delighted to announce the SEC’s approval of the effectiveness of the S-4 registration statement. This significant milestone brings us one step closer to finalizing the merger transaction with Zoomcar, a leader in emerging markets as the largest car-sharing platform. With the explosion of emerging markets and the wave of global entrepreneurship, I am confident about Zoomcar’s bright future as a leading global mobility platform.” 

Greg Moran, CEO and Co-Founder of Zoomcar commented, “We’re thrilled to announce this important milestone in our ongoing partnership with the IOAC team and we look forward to continuing the buildout of our peer2peer car sharing platform across our core emerging market geographies.”

The closing of the Transaction, which is expected to occur in the fourth quarter of 2023, is subject to approval by IOAC shareholders, Zoomcar stockholders and the other closing conditions set forth in the Merger Agreement. Upon closing of the Transaction, IOAC is expected to transfer by way of continuation out of the Cayman Islands and into the State of Delaware and be renamed Zoomcar Holdings, Inc., and will continue to operate under the Zoomcar management team, led by Greg Moran, Co-Founder and Chief Executive Officer of Zoomcar. The combined company’s common stock is anticipated to be listed on NASDAQ under ticker symbol “ZCAR.”

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 IOAC (the “Special Committee”). Jett Capital Advisors, LLC is acting as financial advisor to IOAC; McDermott Will & Emery LLP is acting as US legal advisor to IOAC. 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.

About Innovative International Acquisition Corp. 

IOAC 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. IOAC’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.

About Zoomcar

Founded in 2012 and headquartered in Bengaluru, India, Zoomcar is the leading marketplace for peer2peer car sharing across India, Indonesia and Egypt, with over 21,000 cars registered through 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.

Important Information and Where to Find It

This press release refers to a proposed transaction between IOAC and Zoomcar. This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the transaction described herein, IOAC has filed relevant materials with the SEC, including a registration statement on Form S-4, which was declared effective by the SEC on September 29, 2023, and a final prospectus containing the definitive proxy statement, filed with the SEC on October 2, 2023. Security holders of IOAC, on the one hand, and Zoomcar, on the other, are encouraged to carefully review such information, including the risk factors and other disclosures therein. The definitive proxy statement/prospectus will be sent to all IOAC shareholders; Zoomcar stockholders will also receive a copy of the definitive proxy statement. IOAC also will file other documents regarding the proposed transaction with the SEC. Before making any voting or investment decision, investors and security holders of IOAC and Zoomcar are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed by IOAC with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

Investors and security holders may obtain free copies of the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by IOAC through the website maintained by the SEC at www.sec.gov.

Participants in the Solicitation

IOAC and Zoomcar and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from IOAC’s shareholders in connection with the proposed transaction. Information about IOAC’s directors and executive officers and their ownership of IOAC securities is set forth in IOAC’s filings with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/prospectus regarding the proposed transaction. You may obtain free copies of these documents as described in the preceding paragraph.

Forward-Looking Statements

This press release contains forward-looking statements, which are based on estimates, assumptions, and expectations. Actual results and performance could differ materially and adversely from those expressed or implied in forward-looking statements. IOAC and Zoomcar do not undertake any obligation to update any forward-looking statements, except as required by law.

Media Contact

Zoomcar
Surabi Shetty
surabi.shetty@zoomcar.com

SEC Filing PDF Document – http://pdf.secdatabase.com/2906/0001104659-23-106454.pdf

Zoomcar, the World’s Largest Emerging Market Focused Car Sharing Platform, Announces $10 Million Financial Investment in Connection with the Merger with Innovative International Acquisition Corp. (NASDAQ: IOAC)

Bangalore, India October 20, 2022: As previously announced last week, 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, 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.

$10 Million Investment By Ananda Trust Investment

In addition and simultaneously with the execution of the Merger Agreement on October 13, 2022, Ananda Small Business Trust, a Nevada Trust (“Ananda Trust”), an affiliate of Innovative’s Sponsor, Innovative International Sponsor I LLC, invested an aggregate of $10 million in Zoomcar (the “Investment”) in exchange for a convertible promissory note issued by Zoomcar to Ananda Trust (the “Note”).

Under the terms of the Note, upon consummation of the proposed business combination between Innovative and Zoomcar (the “Business Combination”), Zoomcar’s repayment obligation under the Note will be offset against the obligations of Ananda Trust under a concurrently executed Subscription Agreement (the “Subscription Agreement”) entered into by Ananda Trust and Innovative to subscribe for 1,000,000 newly issued shares of Innovative at a purchase price of $10.00 per share.  The Subscription Agreement includes registration rights obligations on the part of Innovative and is conditioned, among other customary closing conditions, upon the consummation of the Business Combination.  In the event that the Business Combination is not consummated, the Note issued by Zoomcar in consideration of the Investment will be exchanged for a Zoomcar convertible promissory note and the Subscription Agreement will terminate automatically.

Business Combination 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.

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; and (26) 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.